Latest news with #RM18.9
The Sun
9 hours ago
- Business
- The Sun
Avangaad locks in RM66.8m in port services portfolio with Northport
Avangaad has consistently demonstrated its operational excellence and reliability in managing and operating critical marine assets for Northport. KUALA LUMPUR: Avangaad Bhd, a Bursa Malaysia main market-listed marine transportation and offshore storage specialist, and Libra Perfex Precision Sdn Bhd secured a new contract from Northport (Malaysia) Bhd for RM66.8 million. Extending beyond its stable tenure-based portfolio, Avangaad is actively advancing growth avenues in the non-oil and gas (O&G) segments. These pivotal new contracts validate Avangaad's continued success in strengthening its port and tugboat operations portfolio. Further, Avangaad continues to build on its strong business momentum with Northport, a long-standing client since 2013. Avangaad's three existing 40-tonne Z-Peller harbour tugboats have been awarded a further two-year service extension, totalling an estimated RM18.9 million, reflecting Northport's continued confidence in Avangaad's operational and proven track record in port support services. In addition to the contract extensions, Avangaad has secured a new 5-year contract valued at RM47.9 million to provide daily charter services for 3 units of 50-ton Bollard Pull Z-Peller harbour tugboats, following its successful tender bid for the tugboat services. The contract includes an optional 5-year extension, potentially securing up to a decade of recurring revenue and showcasing Avangaad's long-term earnings visibility and order book strength. These awarded contracts mark Northport's continued trust in Avangaad for the 12th consecutive year. As a long-standing strategic partner to one of Malaysia's leading ports, Avangaad has consistently demonstrated its operational excellence and reliability in managing and operating critical marine assets for Northport. Avangaad executive director Datuk Wira Mubarak Hussain Akhtar Husin said these contract awards are a clear and robust endorsement of Avangaad's proven capability in delivering consistently high standards of service and reliability in marine operations. 'While we continue to maintain a presence in offshore storage, the newly secured contracts emphasise our expansion into non-O&G sectors. 'More importantly, they reiterate our potential to penetrate broader market segments and grow our base of recurring income. 'Our position continues to be validated as Malaysia's only maritime player offering four integrated lines of maritime services. As a diversified solutions provider, we are committed to serving our clients, whom we view as long-term partners, as we scale new heights. 'Capitalising on enhanced governance across Avangaad Group, we remain committed to deepening our sustainability focus. Our proven service offerings underpin a well-diversified portfolio, positioning us to capitalise on future growth opportunities across both the oil and gas (O&G) and non-O&G sectors,' he said in a statement. Under these comprehensive contracts, Avangaad will provide fully manned tugboats with experienced, licensed Malaysian crews, a hallmark of its commitment to local talent development and operational safety. The scope encompasses essential daily charter services, rigorous vessel maintenance, advanced firefighting capabilities, and guaranteed round-the-clock operational availability, all of which are crucial for the efficient and safe conduct of port operations in Northport, Port Klang. These new and extended contracts come on the heels of Avangaad's successful upliftment from PN17 status, showcasing the company's sustained turnaround and strong market confidence. Avangaad remains focused on maintaining high vessel utilisation rates, generating robust cash flow, and implementing ongoing operational improvements, particularly within its expanding tugboat operations. The successful award of new long-term contracts reaffirms Avangaad's proven capabilities and growth potential in the Malaysian maritime sector.
Focus Malaysia
a day ago
- Business
- Focus Malaysia
Avangaad Group locks in RM66.8m in port services portfolio with Northport
AVANGAAD Bhd [formerly E.A. Technique (M) Bhd] alongside its subsidiary Libra Perfex Precision Sdn Bhd have secured new contract business awards estimated at RM66.8 mil from port operator Northport (M) Bhd which is a member of the MMC Group. Extending beyond its stable tenure-based portfolio, the Main Market-listed marine transportation and offshore storage specialist is actively advancing growth avenues in the non-oil and gas (O&G) segments. These pivotal new contracts validate Avangaad Group's continued success in strengthening its port and tugboat operations portfolio. As a whole, Avangaad Group has continued to build on its strong business momentum with Northport, a long-standing client since 2013. Its three existing 40-tonne Z-Peller harbour tugboats have been awarded a further two-year service extension totalling an estimated RM18.9 mil which reflected Northport's continued confidence in Avangaad Group's operational excellence, reliability and proven track record in port support services. Additionally, Avangaad Group has also secured a new five-year contract valued at RM47.9 mil to provide daily charter services for three units of 50-tonne Bollard Pull Z-Peller harbour tugboats following its successful tender bid for the tugboat services. The contract includes an optional five-year extension, potentially securing up to a decade of recurring revenue and showcasing Avangaad Group's long-term earnings visibility and order book strength. 'These contract awards are a clear and robust endorsement of Avangaad's proven capability in delivering consistently high standards of service and reliability in marine operations,' commented Avangaad's executive director Datuk Wira Mubarak Hussain Akhtar Husin. 'While we continue to maintain a presence in offshore storage, the newly secured contracts emphasise our expansion into non-O&G sectors. More importantly, they reiterate our potential to penetrate broader market segments and grow our base of recurring income.' According to Mubarak, Avangaad's market position continues to be validated as Malaysia's only maritime player offering four integrated lines of maritime services. 'Capitalising on enhanced governance across Avangaad Group, we remain committed to deepening our sustainability focus. Our proven service offerings underpin a well-diversified portfolio, positioning us to capture future growth opportunities across both O&G and non-O&G sectors.' Under its comprehensive contracts with Northport, Avangaad will provide fully manned tugboat with experienced and licensed Malaysian crews which is a hallmark of its commitment to local talent development and operational safety. These new and extended contracts come on the heels of Avangaad's successful upliftment from its PN17 (Practice Note 17) status which is testament to the group's sustained turnaround and strong market confidence. At the close of today's mid-day market trading, Avangaad was unchanged at 27.5 sen with 711,300 shares traded, thus valuing the company at RM365 mil. – July 1, 2025
Yahoo
13-03-2025
- Business
- Yahoo
SumiSaujana Group Berhad to Raise RM74.4 Million from ACE Market IPO
KUALA LUMPUR, MALAYSIA / / March 13, 2025 / SumiSaujana Group Berhad ("SumiSaujana" or the "Company") and its subsidiary ("Group"), an established manufacturer of oil and gas ("O&G") specialty chemicals, has launched its prospectus in conjunction with its proposed Initial Public Offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). This IPO marks a significant step in SumiSaujana's corporate evolution, providing the Group with the resources to expand its production capacity, enhance global market penetration, and strengthen business sustainability. L-R: (From SumiSaujana Group Berhad) Mr. Ramli Bin Mohamad, Executive Director/ Chief Operating Officer; Mr. Toh Chee Seng 陀志成, Executive Deputy Chairman; Mr. Norazlam bin Norbi, Executive Director/ Chief Executive Officer; (From RHB Investment Bank Berhad) Mr. Kevin Davies, Chief Executive Officer/ Managing Director; Mr. Tommy Har 夏荣斌, Director, Head, Corporate Finance Established in 2010, SumiSaujana has built a reputation as a trusted manufacturer and supplier of high-performance specialty chemicals for the oil and gas industry. The Group specialises in drilling fluid chemicals, production chemicals, and refinery chemicals, which are essential in enhancing operational efficiency, equipment protection, and process optimisation across the upstream, midstream, and downstream oil and gas sectors. Over the years, SumiSaujana has secured long-term partnerships with multinational oilfield service providers, international oil companies, and national oil corporations, reinforcing its strong market presence. Over 70% of SumiSaujana's revenue comes from international markets, including the Asia Pacific, Middle East, Africa, Europe, and the Americas region. Through this IPO exercise, SumiSaujana aims to raise RM74.4 million via the issuance of 310.0 million new shares at an issue price of RM0.24 per share. The proceeds from the IPO will be allocated as follows: RM40.2 million (54.0%) for the acquisitions of the New Puncak Alam Warehouse and New Puncak Alam Corporate Office to consolidate its operational and warehousing facilities. RM18.9 million (25.4%) for the acquisition of its existing Puncak Alam Factory to support long-term operational sustainability. RM2.1 million (2.8%) for capital expenditure, supporting enhancements to its facilities. RM7.6 million (10.3%) for expansion of R&D division. RM5.6 million (7.5%) for listing expenses. As part of the IPO, an Offer for Sale of up to 90.0 million shares, representing 6.23% of the enlarged share capital, will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). The proceeds from the Offer for Sale will accrue to the Selling Shareholders. Applications for the IPO open today following the prospectus launch and will close on 25 March 2025. SumiSaujana is expected to debut on the ACE Market of Bursa Securities on 9 April 2025. At an IPO price of RM0.24 per share, the company's market capitalisation upon listing will be approximately RM346.5 million. Encik Norazlam Bin Norbi, Executive Director/ Chief Executive Officer of SumiSaujana Group Berhad, commented, "The launch of our IPO prospectus represents a transformative moment for SumiSaujana Group Berhad. Since our establishment, we have continuously expanded our capabilities and strengthened our position as a trusted solutions provider for the oil and gas industry. Our ability to consistently meet the evolving demands of our customers has been key to our success, and this IPO will enable us to further accelerate our growth trajectory." He added, "We are committed to driving business sustainability and innovation, ensuring that our customers continue to receive high-quality specialty chemicals that enhance efficiency and reliability in their operations. With the funds raised, we will focus on expanding our production capacity, strengthening our global footprint, and reinforcing our commitment to delivering value to all our stakeholders." Mr. Kevin Davies, Chief Executive Officer/ Managing Director of RHB Investment Bank Berhad, stated, "We are honoured to partner with SumiSaujana Group Berhad on this significant milestone. Thier IPO marks the beginning of a new phase of expansion and opportunity for SumiSaujana, positioning it for continued success in the highly specialised oil and gas industry. As the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent, RHB Investment Bank Berhad is privileged to be part of this journey and looks forward to supporting the Group as it takes this next step forward." Beyond O&G specialty chemicals, SumiSaujana is expanding into the industrial specialty chemicals sector to diversify its product portfolio. Internationally, the Group is strengthening its global footprint with plans to set up a new production facility in North America and the Middle East, reinforcing its presence in key international markets. With its upcoming listing on the ACE Market of Bursa Securities, the Company is poised for accelerated growth, market expansion, and long-term value creation for stakeholders. The Group's strategic investments in manufacturing, R&D, and sustainability initiatives reinforce its position as a trusted name in the global O&G specialty chemicals sector. RHB Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for SumiSaujana Group Berhad's IPO. About SumiSaujana Group Berhad SumiSaujana Group Berhad and its subsidiary ("SumiSaujana Group") is an established manufacturer of oil and gas ("O&G") specialty chemicals with over a decade of experience, specialising in the formulation, manufacturing, and supply of drilling fluid chemicals, and production, and refinery chemicals for the upstream, midstream, and downstream segments in the O&G industry. With a strong presence in Malaysia and exports to the Asia Pacific, Middle East and North America regions, SumiSaujana Group serves top-tier global O&G service providers, production and refinery companies and chemical manufacturers. As a Petronas-licensed manufacturer, SumiSaujana Group is committed to innovation, quality, and sustainability, continuously enhancing its product offerings to meet the evolving needs of the global O&G industry. For more information, visithttps:// and Issued By: Swan Consultancy Sdn. Bhd. on behalf of SumiSaujana Group Berhad For more information, please contact: Jazzmin Wan Email: William Yeo Email: SOURCE: SumiSaujana Group Berhad View the original press release on ACCESS Newswire Sign in to access your portfolio
