From left: Lynette Yeow Su-Yin, Independent Non-Executive Director, Orkim; Zuhaida Zulkifli, Independent Non-Executive Director; Datuk Azman Ismail, Senior Independent Non-Executive Director; Datuk Abdul Hamid Sh Mohamed Chairman; Senator Datuk Seri Amir Hamzah Azizan, Minister of Finance II; Captain Cheah Sin Bi, Chief Executive Officer, Orkim; Aliff Omar Mohamad Omar, Non-Independent Non-Executive Director; and Nasmiza Ismail, Independent Non-Executive Director
PETALING JAYA: Clean petroleum product (CPP) tanker operator Orkim Bhd
’s shares opened flat at 92 sen, matching its initial public offering (IPO) price on its debut on the Main Market of Bursa Malaysia.
Through the issuance of 100 million new shares, Orkim raised RM92mil, of which 87% or RM80mil will be channelled towards the acquisition of two new chemical and petroleum product tankers under its fleet expansion and modernisation programme.
Another RM1.15mil or 1.2% has been allocated for working capital, while remaining RM10.85mil or 11.8% will go towards listing expenses.
The IPO marked Ekuiti Nasional Bhd’s (Ekuinas)’ divestment of its stake in Orkim.
Prior to the listing, Ekuinas — which originally fully owned Orkim — transferred 66.7% of its equity interest to Permodalan Nasional Bhd (PNB) and its trustees as part of a pre-IPO restructuring exercise.
The IPO comprised an offer for sale of Ekuinas’ remaining 33.3% stake, valued at RM276mil, alongside the issuance of new shares, resulting in PNB holding about 60% of Orkim’s enlarged share capital post-listing.
The transaction is part of government’s Government-linked Enterprises Activation and Reform (GEAR-uP) Programme, where the consolidation of Bumiputera-focused investment institutions — including Ekuinas — under Yayasan Pelaburan Bumiputra (YPB) announced in Budget 2024, aimed at strengthening the development of Bumiputera businesses.
Since January 2025, Ekuinas has operated as a subsidiary of PNB, serving as a private capital platform to prepare companies for listing, while PNB assumes the role of long-term majority owner.
Orkim is an owner and operator of medium-range (MR) and liquefied petroleum gas (LPG) tankers, serving major oil companies across Malaysia’s coastal routes.
Its MR and LPG tankers also operate on regional routes spanning Singapore, the Philippines, Brunei, China and South Korea.
Currently, the group manages a fleet of 18 vessels with a combined capacity of 239,186 deadweight tonnes (DWT), comprising 14 coastal CPP tankers, two MR CPP tankers and two LPG tankers.
