Uzma enters JV with Petra Energy

During the quarter in review, the car distributor registered a net profit of RM32.82mil compared with RM19.43mil in the corresponding period last year. Consequently, its earnings per share jumped to 8.4 sen from 4.97 previously

KUALA LUMPUR: Uzma Bhd is teaming up with Petra Energy Bhd to build and operate a portfolio of production and development assets.

A joint venture company, Khausar Energy Sdn Bhd, has been incorporated for the purpose of the collaboration, and is equally owned by units of the two companies: Uzma Engineering Sdn Bhd and Petra Energy Development Sdn Bhd.

"The primary object of the JVCO is to undertake business development activities focusing on building a portfolio of Production & Development asset to operate under the various contractual regime," said Uzma in a filing with the stock exchange.

"The JVCO is not expected to have any material effects on net assets per share and net assets per share of Uzma for the financial year ending 30 June 2018.

"The incorporation will not have any effect on the share capital, gearing and substantial shareholdings of Uzma."