Perisai Petroleum Teknologi Bhd shares made an impressive debut on the Medaq market of Bursa Malaysia yesterday, closing at 60.5 sen for a 83.3% gain over its initial public offering (IPO) price of 33 sen.
Executive chairman Makhtar Mohamed said the board members were happy with the performance of the company's share price.
“We know there is substantial interest in our company and technology,” he said after the flotation of the company's shares in Kuala Lumpur yesterday.
Perisai Petroleum, a provider of corrosion control systems to the oil and gas industry, also performs inspection and maintenance of pipes, pipelines, risers and heat exchangers.
The company has a monopoly for the manufacture, supply and installation of corrosion protection systems on all fasteners, flanges, riser clamps and pipe supports on Petronas Carigali's offshore platforms.
Makhtar said the company would continue to focus on its research and development activities as well as explore new business opportunities outside Malaysia.
At present, about 12% of Perisai Petroleum's turnover comes from its overseas business.
“We intend to increase the turnover contribution from our overseas operations to 75% within the next five years,” Makhtar said.
Perisai Petroleum has expanded to Indonesia, Brunei, Thailand, United Arab Emirates and Oman.
The company is collaborating with Petronas Research and Scientific Services Sdn Bhd to develop some of its new products and solutions.
Makhtar said the company's unique technology had enabled it to compete successfully against other global players in the oil and gas industry.
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