United Asiapac Energy To Expand Well Intervention Services
KUALA LUMPUR, Sept 14 (Bernama) -- Sarawak-based oil and gas (O&G) services firm, United Asiapac Energy Bhd, is set to further expand its well intervention services business in East Malaysia following its debut on the ACE Market of Bursa Malaysia today.
The company’s shares opened flat at 35 sen, with 2.78 million shares changing hands during the early trading session.
Its executive director and chief corporate officer, Ng Her Yinn said the initial public offering (IPO) provides the company with an opportunity to broaden its reach beyond its existing markets and strengthen its presence across the country.
"Our plan is to continue growing our presence in East Malaysia. At the same time, our presence and the work that we deliver are not limited to East Malaysia.
"We already have a presence across Malaysia, and this (IPO) will allow us to further expand our business while also contributing to the development of Sabah and Sarawak," she said in a press conference after the company’s listing ceremony here today.
The event was attended by United Asiapac Energy managing director Ahmad Fadzuli Ali, Deputy Economy Minister Datuk Mohd Shahar Abdullah and TERAJU chief executive officer Junady Nawawi.
Ng said the company has a competitive advantage in providing its services despite the prevailing geopolitical situation.
"We are able to provide our services to the existing service providers in Malaysia, with our major client being Petronas.
“We are the first Malaysian company to provide these services over the past six years, and this gives us an opportunity to further strengthen and expand the services we currently provide to other petroleum arrangement contractors (PACs) as well,” she said.
Meanwhile, Ahmad Fadzuli said the company is confident about the growth prospects of the O&G industry in Malaysia.
“From an industry point of view, O&G is a pillar of Malaysia’s economy, so we will grow together with the development of the industry in Malaysia.
“The services that we provide are required throughout every stage of the O&G life cycle in Malaysia. (Therefore) we see (promising) prospect in the industry,” he added.
-- BERNAMA