<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 21): A unit of Uzma Bhd has clinched two contracts estimated to worth RM450 million for the provision of hydraulic workover and plug and abandonment operation from Petronas Carigali Sdn Bhd (PCSB).</p></div>

<div class=newsTextDataWrapInner><p>Uzma said the contracts to the group’s wholly owned unit Uzma Engineering Sdn Bhd involved the supply of minimum one 340K rating hydraulic workover unit (HWU) rig and minimum one 460K rating HWU rig for PCSB’s workover and well plug and abandonment operations offshore Malaysia.</p></div>

<div class=newsTextDataWrapInner><p>For each HWU rig, Uzma said the supporting accommodation work barge and portable crane are also part of the scope of works. The duration of the contracts will be for three years with an extension option of one-year, effective May 17, 2023 until May 16, 2026, Uzma said in its filing on Wednesday (June 21).</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Uzma believes the contracts will contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2023 (FY2023) and onwards until the expiry of the contract.</p></div>

<div class=newsTextDataWrapInner><p>Uzma's share price closed unchanged at 62 sen on Wednesday, valuing the group at RM216.55 million.</p></div>


A unit of Uzma Bhd has clinched two contracts estimated to worth RM450 million for the provision of hydraulic workover and plug and abandonment operation from Petronas Carigali Sdn Bhd (PCSB).

Uzma’s unit clinches RM450m contract from Petronas Carigali

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.</p>


Petronas, Globetronics, Chin Hin, Atlan, HE Group, ITMAX, APB Resources, L&G, Press Metal and Zantat

<p>National oil and gas corporation Petroliam Nasional Bhd (Petronas) has reiterated its commitment towards achieving mutual resolution regarding the distribution of natural gas in Sarawak, as it is still in discussions with both the state and federal governments, as well as Sarawak state-owned Petroleum Sarawak Bhd (Petros).&nbsp;</p>


Petronas says win-win partnership imperative amid report it may take Sarawak to court

<p>Having raised RM18.2 million from its initial public offering (IPO) in March, Zantat Holdings Bhd (KL:ZANTAT) is now seeking to raise another estimated RM14 million via a special issue of shares to Bumiputera investors.</p>


Zantat seeks to raise RM14 mil via share issuance to Bumiputera investors

<p>Asian stocks are set for a weak open Wednesday after gains in US tech firms countered a slump in financial shares. Oil regained some ground after driving a commodities index to its lowest in more than three years.</p>


Asian stocks eye declines; oil rises after rout

<p>The S&amp;P 500 and the Nasdaq rose on Tuesday as most megacap stocks gained, with focus now moving to key inflation data later this week that could provide more clarity on the extent of the Federal Reserve's expected interest rate cut on Sept 18.</p>


Nasdaq, S&P gain on megacap boost in lead up to inflation report

<p>MR DIY Holding (Thailand) has applied to Thailand’s Securities and Exchange Commission (SEC) for an initial public offering (IPO) en route to its listing on the Stock Exchange of Thailand.</p>


MR DIY Thailand applies for listing on Thailand's stock exchange

<p>The Federal Reserve's (Fed) regulatory chief on Tuesday outlined a sweeping overhaul easing two major draft bank capital rules following intense industry opposition that delayed the projects and sparked divisions among the top federal banking regulators.</p>


Fed's Barr unveils sweeping bank capital plan changes after pushback, delays

<p>Malaysia is on course to become the “Asian Tiger” with five unique advantages to attract foreign investment, said Housing and Local Government Minister Nga Kor Ming.</p>

<p>Nga said Malaysia’s political stability is crucial for drawing investments, noting that the Madani government has provided clear guidance through several strategic blueprints, including the New Industrial Masterplan 2030 and the New Energy Transition Roadmap.</p>


Malaysia on course to become 'Asian Tiger', attract foreign investment, says Nga

<p>The Public Service faces three significant challenges, which are becoming increasingly complex and demand urgent improvements, said Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar.</p>


Little Napoleon and silo mentality among key public service challenges — Shamsul Azri

<p>Rental rates for logistics spaces across Southeast Asia rose 2.5% on average in the first half of 2024, driven by increases in Vietnam, Greater Jakarta, Manila and Singapore, according to Knight Frank LLP’s Asia-Pacific Logistics Markets report for 1H2024.</p>


Logistics rental in KL to stay flat next 12 months — Knight Frank

<p>A rally in the world’s biggest technology companies lifted stocks, countering a slew of cautious comments from American bank executives that sent financial shares tumbling.</p>


Wall Street gets tech boost despite ‘big bank gloom'

<p>Wall Street is anticipating a hit to corporate earnings and the stock market if Democratic presidential candidate Kamala Harris wins in November and enacts promised tax increases.</p>


Wall Street worries Harris tax plan would hurt US corporate profits

<p>BMW cut its 2024 profit margin outlook on Tuesday due to sluggish demand in its key Chinese market and problems related to a braking system supplied by Continental, sending the carmaker's shares to a near two-year low.</p>


BMW cuts 2024 outlook on Continental brake issues, shares plunge

<p>The outcome of the Masjid India Sinkhole Incident Taskforce Meeting held on Tuesday decided that the buildings and Jalan Masjid India area are safe to visit, according to the Kuala Lumpur City Hall (DBKL).&nbsp;</p>


Jalan Masjid India area safe to visit — DBKL

<p>Malaysia has consistently taken proactive steps to ensure that the environmental sustainability of its palm oil industry meets European standards and deforestation regulations, said Ministry of Plantation and Commodities (KPK) secretary-general Datuk Yusran Shah Mohd Yusof.&nbsp;</p>


Malaysia consistent in ensuring environmental sustainability in palm oil production, says KPK sec-gen

<p>An office floor in a building on Singapore’s Orchard Road is being sold for a record rate, in a sign of continued investor interest in the city-state’s prime market.</p>


Office floor in building on Singapore's Orchard Road sells for record rate

<p>The father of Syed Hussien Syed Abdullah, the Barisan Nasional (BN) candidate for the Mahkota state by-election, died on Tuesday.</p>

<p>The news was shared via a post on the Johor Umno official Facebook page on Tuesday evening.</p>


Father of BN candidate for Mahkota by-election dies

<p>Brent crude futures fell below US$70 a barrel on Tuesday for the first time since December 2021, after Opec+ revised down its demand forecast for this year and 2025.</p>

<p>Brent crude futures were down US$2.33, or 3.24%, at US$69.51 a barrel at 11.08am EDT. US West Texas Intermediate crude lost US$2.50, or 3.64%, to US$66.21.</p>


Oil prices fall on demand concerns, Brent below US$70, near three-year low

<p>DAP has reaffirmed its commitment to supporting Umno's campaign in the Mahkota state by-election despite disagreements between some leaders of both parties over the issue of halal certification.</p>


DAP-Umno cooperation in Mahkota campaign unaffected by halal certification issue — Teo

<p>Oracle Corp shares hit a record high after the software giant reported profit and bookings that topped estimates, signalling that artificial intelligence (AI) demand continues to boost its cloud computing business.</p>
