Petra Perdana acquires 70% stake in Sibu-based shipyard


  • Business
  • Saturday, 27 Nov 2004

PETRA Perdana Berhad has acquired a 70% equity stake in one of Sarawak’s top shipyards, the Sibu-based Yong Choo Kui (YCK) Shipyard Sdn Bhd. 

The acquisition was made for a sum consideration of RM22.68mil.  

Executive chairman and chief executive officer Tengku Datuk Ibrahim Petra and YCK Shipyard managing director Yong Choo Kui made the joint announcement at a ceremony in Sibu yesterday. 

Tengku Ibrahim said since early this year, the group “had gone through a process of realigning its business activities to meet new challenges and growing demands of the oil and gas industry in the country and region.” 

“Today, our core businesses are in the Brown Filed Redevelopment (providing operational and maintenance services for existing and ageing oil and gas platform) and in the exploration and production where we provide geophysical and equipment and packaging and supply services for new and existing oil and gas platforms.” 

“We expect to grow in this particular sector given the potential market opportunities in the country and in the region.” 

He also said the marine sector was the group's fastest growing sector. 

“YCK with its over 22 years experience will facilitate Petra’s business expansion in this sector by providing it with an in-house fleet renewal and ship repair.” 

Yong in his speech earlier said YCK was gearing itself for stronger growth by expanding its shipbuilding and repair services to the oil and gas industry. 

“The potential upswing over the next five to seven years will enable it to achieve its business goals of becoming an integrated shipbuilding and repair services centre in the country and South-East Asia.” 

Yong said since its operation 22 years ago, YCK Shipyard had built more than 300 vessels comprising supply boats, flat-top barges, tugboats, cargo vessels, ferry boats, landing crafts and express passenger boats. 

Currently it exports to all Asean countries and China. In 2002, it was awarded the ISO 9001 International accreditation. – Bernama  

 PETRA :  [Stock Watch]  [News]

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