PETALING JAYA: United Asiapac Energy Bhd is eyeing a listing on the ACE Market of Bursa Malaysia.
The company is principally involved in the provision of well intervention solutions, where it specialises in the provision of fishing services as well as plug and abandonment services to support Malaysia’s oil and gas industry. The group also offers sidetracking services and other related services.
In its prospectus exposure, the company said its initial public offering (IPO) will entail the public issue of 139.22 million new ordinary shares.
The company said proceeds from the IPO will be used for the acquisition of well intervention tools and equipment, recruitment of engineers for the introduction of new well intervention solutions, acquisition of a new corporate office, repayment of bank borrowings, working capital and listing expenses.
The company said it aims to expand its market presence in well intervention solutions within Sarawak.
“The state presents significant opportunities for growth, driven by the anticipated increase in greenfield exploration activities and the maturing of existing hydrocarbon fields.
“With new fields being explored and developed, and mature fields nearing the end of their productive life, the resulting demand for well intervention. Additionally, our group is well-positioned to strengthen our foothold in Sarawak, supported by the experience of our team.”
Additionally, the company said it intends to acquire a commercial office unit in the Kuala Lumpur area with an approximate built-up area of 4,000 sq ft.
“We are still in the midst of identifying a suitable commercial office unit to acquire. This acquisition will allow us to secure a permanent base of corporate office, eliminate recurring rental obligations and provide greater flexibility in configuring the workspace to meet our operational needs.”
The company also said it plans to introduce e-line, slickline and wireline recovery services, particularly for small hole fishing.
“In addition, we plan to offer hydrocarbon well cleanout services to remove obstructions and debris through the procurement of specialised tools.”
TA Securities Holdings Bhd is the sponsor of the company’s IPO.
