KUCHING: EA Technique (M) Bhd (EA Technique) principally an owner and operator of marine vessels, focused on marine transportation and offshore storage of oil and gas as well as provision of port marine services, has signed an underwriting agreement with RHB Investment Bank Bhd (RHB Investment Bank) for its proposed Initial Public Offering (IPO), on the Main Market of Bursa Malaysia Securities Bhd (Bursa Malaysia).
RHB Investment Bank is the company’s Principal Adviser, Underwriter and Placement Agent for the IPO exercise.
“All of us at EA Technique are pleased with the signing of the underwriting agreement with RHB Investment Bank as it brings us another step forward towards listing on Bursa Malaysia,” Datuk Ir Abdul Hak Amin, managing director of EA Technique said.
The Securities Commission Malaysia (SC) had on September 3, 2014, approved EA Technique’s proposed IPO which involves the initial public offering of 129 million ordinary shares of RM0.25 each, comprising an offer sale of 15 million existing Shares and a public issue of 114 million new shares.
“We are excited at the opportunity to work together with EA Technique as they poise for their next phase of business growth. The company has an excellent track record with 19 years of experience within the industry and a solid business strategy in place.
“They have an established client base and a good reputation within the oil and gas industry and RHB Investment Bank is confident in their ability to achieve what they set out to do. We look forward to partnering them in providing the support and expertise in their listing exercise,” Gan Kim Khoon, regional head of Equity Capital Markets of RHB Investment Bank said.
EA Technique is an indirect subsidiary of Kulim (Malaysia) Bhd through Sindora Bhd, and the company currently operates a total fleet of 31 marine vessels which includes product tankers, floating storage units (FSU), liquefied petroleum gas (LPG) tankers and offshore support vessels (OSV).
For marine transportation, EA Technique is involved in the charter of product tankers, FSU, LPG tankers and OSV. For port marine services, the company is involved in the charter of harbour/utility tugboats and mooring boats as well as dockside mooring services.
Through its wholly-owned subsidiary, Johor Shipyard and Engineering Sdn Bhd (Johor Shipyard), the company also carries out shipbuilding and ship repair activities to complement its core vessel operations.
“As we move towards our forthcoming listing on the Main Market of Bursa Malaysia, I would like to express my gratitude to our clients and business partners who have supported us for many years, as well as the management team at EA Technique and Johor Shipyard whose hard work has brought us this far.
“We are excited to be entering this new phase of our business development,” Abdul Hak Amin said.