Business News

Published: Monday September 9, 2013 MYT 12:00:00 AM
Updated: Thursday September 12, 2013 MYT 12:09:51 PM

Prestariang may get SapuraKencana job

PETALING JAYA: Prestariang Bhd is tipped to win a training, certification and software distribution contract from SapuraKencana Petroleum Bhd on a worldwide basis, sources said.

It is understood that the job, valued at some RM20mil, was likely to be finalised soon. Prestariang will leverage on its partnership with software multinational Autodesk to secure the contract.

“Because SapuraKencana is a large and reputable company with a global presence, this could be a stepping stone for Prestariang and may see it signing up other oil and gas (O&G) players,” a source told StarBiz.

Prestariang has yet to make an announcement on the matter. SapuraKencana officials were not available for comment.

On top of the SapuraKencana job, Prestariang is believed to be in the early stages of setting up an O&G training centre with the involvement of TalentCorp and the Finance Ministry, which will supply trainees from the technical schools.

Industry watchers familiar with Prestariang say the SapuraKencana project does not come as a surprise, pointing to an entry in its 2012 annual report that makes mention of an “O&G Enhancement Programme” aiming to “align the current demand of skilled talents” in collaboration with Autodesk and SapuraKencana.

“The programme focuses on up-skilling and re-skilling by providing professional knowledge and skillset training for fast track entry into the engineering, production, field and operations sector of the O&G industry,” Prestariang said in its annual report.

Analysts tracking the firm had alluded to the contract in their research reports, but stopped short of identifying any parties.

“Prestariang indicated that it is working with Autodesk to secure a major training contract with one of the country’s biggest O&G players. We understand that the contract value is around RM15mil–RM20mil, which could potentially be finalised in the coming weeks,” RHB Research Institute said in a note to clients dated Aug 28.

According to PublicInvest Research, Prestariang had delivered and installed the first batch of 162 licensed Autodesk software for a single O&G client, which was not named.

“The delivery is said to be one of the largest supplies of Autodesk software for the O&G sector in South-East Asia. To-date, it has also trained approximately 255 university and diploma graduates to meet the professional skill-set required by the O&G industry.

“Prestariang recently set up a new subsidiary to spearhead and focus on delivering training and certification as well as software licence distribution and management to the O&G sector,” the brokerage explained.

Prestariang shares have done exceptionally well, surging almost 70% since the 13th general election to RM1.95 last Friday.

Interest in the stock also led to the emergence of three institutional shareholders in the company founded by academic-turned-entrepreneur Abu Hasan Ismail, including the Employees Provident Fund, Kumpulan Modal Perdana and American International Assurance.

At last count, they held 5.32%, 6.3% and 5.03% respectively in the small-cap ICT training and certification firm.

Incidentally, SapuraKencana executive director and corporate finance head Yeow Kheng Chew, who is also a key lieutenant of the O&G giant’s executive vice-chairman Datuk Mokhzani Mahathir, has a 13.65% indirect stake in Prestariang.

Tags / Keywords: Business, PRESTARIANG

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