Thursday 29 Feb 2024
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KUALA LUMPUR (Feb 14): Uzma Bhd said its wholly-owned subsidiary Uzma Engineering Sdn Bhd (UESB) has received a contract from ExxonMobil Exploration and Production Malaysia Inc (EMEPMI).

The scope of work of the contract — for a period of two years commencing on Jan 13, 2022 until Jan 12, 2024 — comprises non-rig assisted electric wireline logging equipment and services at West Malaysia waters, said Uzma in a stock exchange filing on Monday (Feb 14).

"The value of this enabling contract with no guarantee of call-offs shall be based upon the agreed rates and work order, if any, issued by EMEPMI within the contract period," noted Uzma.

Uzma added, the contract is expected to contribute positively towards the company's earnings and net assets per share for the financial year ending June 30, 2022 onwards.

Meanwhile, potential risk factors for the contract include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions, said the group.

In a separate filing, Uzma announced that it has appointed Datuk Farisha Pawan Teh as the group's independent and non-executive director, effective Monday.

According to Uzma, Farisha, 52, has vast experience in both the public and private sectors spanning 30 years.

"Farisha is equipped with the experience in building marketing strategies with a strategic direction of growing revenue and building a sustainable competitive edge that translates into customer and consumers' satisfaction.

"In addition to holding position as a communication adviser to the Minister of Housing and Local Government as well as a [director on the board of] the Women Leadership Foundation, Farisha is also a senior partner and founder of integrated brand solutions consultancy Stand Out Sdn Bhd, offering services in communications and branding to a diverse array of clientele," said Uzma.

Uzma shares settled up one sen or 1.9% at 53.5 sen, valuing the oil and gas contractor at RM186.56 million. It saw some 9.1 million shares changing hands.

The stock has fallen 69.43% from RM1.75 in the past one year.

Edited ByLam Jian Wyn
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