This article first appeared in The Edge Malaysia Weekly on August 24, 2026 - August 30, 2026

A week ago, United Asiapac Energy Bhd (UAEB) — which was scheduled to list on Aug 19 — announced that its listing would be postponed by nearly a month to Sept 14.

UAEB is a specialised well intervention solutions provider serving Malaysia’s oil and gas industry, with core expertise in fishing and plug and abandonment services.

The application for the initial public offering has closed, and balloting results showed that the company’s IPO was oversubscribed by 21.02 times for the portion offered to the Malaysian public. The exercise was expected to raise RM48.73 million.

While the postponement could be due to technical issues, the announcement just five days before the scheduled listing raised eyebrows, as such last-minute delays are uncommon among companies ready to make their debut.

Since 2010, only five companies, excluding UAEB, have postponed their listing less than a month before the stock exchange debut.

In UAEB’s press release dated Aug 14, it said it would issue a supplementary prospectus “to include clarifications on certain information previously disclosed in the prospectus dated 28 July 2026 as well as provide investors with updates on a new contract secured by the company”.

However, what is unclear at this juncture is whether the decision to reschedule the listing was a directive that came from regulators or a matter of the company’s own initiative to disclose additional information.

“Bursa Malaysia’s focus is to ensure that investors have access to adequate, accurate and up-to-date information to facilitate informed investment decisions. As a matter of practice, Bursa Malaysia does not comment on confidential regulatory engagements or discussions relating to a specific listing applicant,” Bursa Malaysia says in an email reply to The Edge.

The Edge understands that there has been a complaint filed against the listing of United Asiapac. It is alleged that the information in UAEB’s prospectus is misleading or false and consists of material omissions or it has selectively disclosed information of the company.

One of the main bones of contention relates to the alleged lack of revenue stream longevity going forward upon the expiry of a major contract in October. There were also allegations of related-party transaction risks, inconsistency between revenue disclosed and operational records among others.

Then on Friday, UAEB announced in its supplementary prospectus last Friday that it has accepted a letter of award from Odfjell Energy (Malaysia) Sdn Bhd on Aug 13 — a day before the company announced the postponement of the listing — for the provision of fishing and milling equipment and personnel for well recovery operations, including equipment mobilisation, delivery and demobilisation, as well as qualified and certified personnel on a call-out basis for hydrocarbon fields in Peninsular Malaysia.

The letter of award covers a period of 16 months, from Aug 13, 2026 to Dec 31, 2027, according to the company.

The supplementary prospectus also highlights the further one-year extension of UAEB’s existing contract with Ping Petroleum Sdn Bhd under its offshore well works programme, covering the provision of fishing equipment and services on a call-out basis.

According to the company’s prospectus,  its independent non-executive director Datuk Yacob Mustafa is also the independent non-executive deputy chairman at AIMAX Bhd (KL:AIMAX) — formerly known as Hong Seng Consolidated Bhd.

Yacob has been on the board of AIMAX since September 2024, where he first functioned as independent non-executive chairman before being redesignated to his current position in November 2025.

Meanwhile, UAEB independent non-executive director Datuk Aureen Jean Nonis also sits on the board of NexG Bina Bhd (KL:NEXGBINA) as independent non-executive director. She has been on the board since June 2023.

NexG Bina was originally known as Caely Holdings Bhd before it changed its name to Classita Holdings Bhd.

Both AIMAX and NexG Bina are linked to businessman Victor Chin Boon Long, who has spoken of a “corporate mafia”.

NexG Bhd (KL:NEXG) Malaysia’s sole supplier of passport booklets and MyKad-related products has 78.42% in NexG Bina.

A feud at NexG was what triggered Chin to come out with allegations of a “corporate Mafia” running a number of companies on the Bursa Malaysia.

Meanwhile, UAEB’s shareholder and executive director Datuk Mat Noor has been on the board of Excel Force MSC Bhd (KL:EFORCE) as independent non-executive director since 2019.

Excel Force is a company that came into the spotlight when former Malaysian Anti-Corruption Commission chief Tan Sri Azam Baki came under scrutiny in 2021 after reports surfaced that he held 2.16 million warrants in the company. Azam denied any wrongdoing, saying the shares were purchased by his brother using his trading account.

Interestingly, the group executive chairman of Excel Force is Datuk Seri Farhash Wafa Salvador.

Beyond the directors list, the prospectus also outlines six ongoing litigation cases involving former employees of the company. 

UAEB’s subsidiary Asiapac Oil & Gas Sdn Bhd filed a lawsuit claiming that its former employees had conspired to injure, breached their fiduciary duties as well as their contract and duties of fidelity, conducted unlawful interference with trade and defrauded the company.

Meanwhile, its former employees have also launched lawsuits against the company, claiming that their dismissal from employment was without just cause or excuse.

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