KUALA LUMPUR (Dec 4): United Asiapac Energy Bhd, an oil and gas well intervention services provider, has filed for an initial public offering (IPO) on the ACE Market of Bursa Malaysia as part of its plan to strengthen operational capacity and expand service offerings across Malaysia’s upstream sector.

United Asiapac Energy specialises in fishing services — retrieving equipment stuck in wells — and also provides plug and abandonment (P&A), sidetracking, and other upstream support services.

According to its draft prospectus filed with Bursa Malaysia on Thursday, the IPO meets only the minimum free-float requirement, allowing the company to retain tight control while offering limited share liquidity.

The listing will offer investors up to a 25.3% stake through the issuance of 139.22 million new shares — 27.5 million for the Malaysian public, 10 million for eligible persons, and 101.72 million via private placement.

Management-owned United Asiapac Energy said part of its IPO proceeds will be used to expand its tools and equipment, including new well intervention units and Det Norske Veritas (DNV)-certified cargo baskets. Currently, its tools must be sent to a third-party facility in Kemaman for assembly and testing, adding extra logistics.

The group plans to buy a break-out unit, six fishing jars, four sets of fishing tools, four P&A tool sets, and 12 DNV-certified cargo baskets.

Funds will also support hiring four engineers to introduce new well intervention services such as e-line, slickline, wireline recovery, and well cleanout services using tools purchased with the IPO money.

United Asiapac Energy also intends to buy a 4,000 sq ft office in Kuala Lumpur.

The remaining IPO proceeds will go towards loan repayment, working capital, and listing expenses. The company has no formal dividend policy.

United Asiapac Energy is fully owned by Asiapac Holdings Bhd, which is 80% controlled by managing director Ahmad Fadzuli Ali, with executive director Datuk Mat Noor holding the remaining 20%. After the IPO, Asiapac’s stake will drop to 74.69%.

The company saw an almost 36% jump in net profit to RM6.98 million for the financial year ended May 31, 2025, from the year before, on revenue of RM36.95 million.

TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.