Sunday 04 Jun 2023
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KUALA LUMPUR (Feb 17): Uzma Bhd’s unit has bagged two licences from the Energy Commission to import liquefied natural gas (LNG) for regasification in the country, as well as to transport or distribute natural gas within Malaysia.

Uzma said the licences allow Uzma to bring LNG into a regasification terminal in or within Malaysia by any means other than by transhipment, and to transport or distribute natural gas via regasification terminal or pipelines to consumer premises within Malaysia, pursuant to the implementation of Third-Party Access system.

According to a Bursa Malaysia announcement, Uzma said the licences were issued by virtue of the Gas Supply Act 1993 [Act 501] and had come into effect from Feb 3 and are valid for a period of 10 years.

“Uzma Group is excited to embark on the new opportunity within the LNG space and to play a role in ensuring the country’s energy needs are met. These licences will enable Uzma group to continue to support the Malaysian Energy sector and diversify our business further downstream,” Uzma group chief executive officer Datuk Kamarul Redzuan said in a separate statement today.

Uzma said this new business segment is part of the group’s five-year plan to broaden its earnings base and to build a healthy revenue mix of ongoing oil and gas upstream projects as well as a segment made up of stable and recurring revenue.

Shares of Uzma closed 7.5 sen or 12.61% higher at 67 sen, for a market capitalisation of RM214.42 million.

Edited ByJoyce Goh
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