KUALA LUMPUR (Aug 14): United Asiapac Energy Bhd has rescheduled its listing on Bursa Malaysia’s ACE Market to a tentative Sept 14, from the originally scheduled Aug 19, as the upstream oilfield services provider plans to issue a supplementary prospectus containing clarifications and an update on a new contract it has secured.
The supplementary prospectus will clarify certain information disclosed in its original prospectus dated July 28 and provide investors with details of the new contract, the company said in a statement on Friday.
"The board of directors of United Asiapac Energy considers it appropriate that the relevant updated information be made available to investors prior to the company's listing, in keeping with the company's commitment to ensure that investors have access to relevant and up-to-date information in considering their investment in the company," it said.
United Asiapac said investors who have submitted applications for the initial public offering (IPO) will be given the option to withdraw their applications within a prescribed period. Details of the supplementary prospectus and withdrawal process will be shared at a later date.
Under the revised indicative timeline, the allotment of IPO shares to successful applicants is scheduled for Sept 10, while the deadline for withdrawals has yet to be announced.
United Asiapac's IPO, priced at 35 sen per share, involves a public issue of 139.22 million new ordinary shares to raise RM48.73 million, with no offer-for-sale component.
The portion offered to the Malaysian public was previously oversubscribed by 21.02 times, after 8,800 applications for 605.44 million shares worth RM211.9 million were received for the 27.5 million shares available.
At the IPO price, United Asiapac will have a market capitalisation of RM192.5 million upon listing.
“This revised listing timeline does not alter our commitment to our long-term strategy and growth plans," United Asiapac managing director Ahmad Fadzuli Ali said. "We remain focused on delivering our services with a strong emphasis on safety, efficiency and rapid response with technical expertise, while continuing to strengthen our position within Malaysia’s upstream oil and gas industry."
The company specialises in fishing services — retrieving equipment stuck in wells — for Malaysia's upstream oil industry, besides providing plug and abandonment, sidetracking, and other upstream support services. It mainly operates out of Kemaman in Terengganu and Labuan.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.