Uzma secures umbrella contracts from Petronas Carigali

  • Corporate News
  • Tuesday, 09 Jan 2018

Regulators in Malaysia, Singapore, Indonesia and Thailand have also placed on alert lists of unauthorised firms with whom investors should exercise caution.

KUALA LUMPUR Uzma Bhd's unit Uzma Engineering Sdn Bhd has received three umbrella contracts from Petronas Carigali Sdn Bhd for the provision of electrical submersible pump and services.

There is no fixed value to the contracts as the execution of the contracts depend on work orders to be issued to Uzma by Petronas Carigali as the latter's discretion.

"The Company will make the required announcement pursuant to the Bursa Malaysia Securities Berhad Main Market Listing Requirements as and when a material sum of work order is received under the Umbrella Contracts," said Uzma in its filing with Bursa Malaysia.

Each contract has a three-year tenure from Nov 20, 2017 to Nov 19, 2020 with an initial extension option of one year.

"The Umbrella Contracts will not have any effect on the share capital and shareholding structure of the Company but are expected to contribute positively to the earnings of the Company and enhance net assets per share of the group for the financial year ending 30 June 2018 and onwards until the expiry of the Umbrella Contracts if work orders are issued to UESB," it said in its announcement.
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