Perisai Petroleum Teknologi Bhd (PPTB) aspires to be the number one technology company serving the offshore oil and gas sector in the Asean region.
Chairman Makhtar Mohamed said the company would introduce corrosion control products and solutions to the onshore oil and gas, marine and power industries.
In its drive to be No.1, PPTB will embark on broad strategies under the Petronas Vendor Development Programme (VDP) to manufacture, supply and install protective systems for corrosion prevention on all fasteners, new pipe flange surfaces and pipe supports.
Under the VDP status, we have an excess balance contract worth RM70mil which can last for the next five years, Makhtar told a media briefing in Kuala Lumpur yesterday.
He said PPTB, which would be competing with foreign companies, hoped to secure orders in Brunei, Thailand, Indonesia, Vietnam and Myanmar soon.
Makhtar said PPTB would be having a strong and well-balanced team, which would be essential to the development of innovative and successful products and solutions.
He said that to achieve the target, RM8mil had been set aside to strengthen its product research and development (R&D) team and to formalise its product process in a more regimented way.
We suggest our own products, we develop our own products, and we do our own research; and our products are patented and verified by international bodies, he added.
PPTB is en route to a listing on Bursa Malaysia's Mesdaq market next month.
It will issue 52 million new ordinary shares of 10 sen each at an issue price of 33 sen per share, of which 2.08 million will be made available for the Malaysian public, 20.8 million for directors and employees and 29.12 million for private placement.
The company hopes to raise RM17.1mil in proceeds from the exercise, of which RM8mil will go to R&D, RM8mil to working capital and the rest to cover the listing expenses. Bernama
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