August 19, 2015

Uzma To Develop Offshore Supply Base With Potential Investment RM472 Million

Uzma Bhd plans to develop "Uzma Group Integrated Offshore Supply Base" in Terengganu with potential investment of RM471.5 million over a period of 15 years.

A memorandum of understanding (MOU) was signed on Aug 13 between its wholly-owned unit, Uzma Engineering Sdn Bhd, and East Coast Economic Region Development Council for the development, said the oil and gas services company in a filing to Bursa Malaysia here Thursday.

"Uzma intends to invest approximately RM94.24 million over a period of five years and to apply its technology, expertise, equipment and facilities, and other resources for the successful implementation and development of the project," it said.

It said the parties involved will be collaborating and leveraging on their respective areas of expertise, strengths, experiences and available resources, as well as sharing of mutually beneficial information for the development.

"The project is expected to spur greater economic growth, and generate entrepreneurial and employment opportunities of up to 250 jobs for the local populace by the year 2020," it said.

Uzma Bhd said the MOU was not expected to have any material effect on its earnings and net assets for the financial year ending 31 Dec 2015.

"However, it is expected to contribute positively to the earnings and net assets of the company for the subsequent financial years," it said.