Sarawak-based Ocean Vantage enters into underwriting agreement with M&A Securities

Sarawak-based oil and gas (“O&G”) integrated support services provider, Ocean Vantage Holdings Berhad, has entered into an underwriting agreement with M&A Securities Sdn. Bhd. in conjunction with its initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

As per the agreement, M&A Securities will underwrite new shares to be made available for the Malaysian public and its eligible directors and employees of the Group.

Managing Director of Ocean Vantage, Kenny Ronald Ngalin said, “This is indeed a momentous occasion for us especially during this unprecedented time. We are aware of the tough operating outlook for O&G players given the fluctuations in crude oil prices and economic impacts due to Covid-19 pandemic. However, we believe that there are pockets of opportunities for outsource support services providers such like Ocean Vantage
as large corporations are consolidating its operations and workforce.”

“While Ocean Vantage is a relatively young company, we have been through several challenges since our formation and remained resilient as we continue to record growth in our business and financial performance, underpinned by our asset light business strategy. Our expansion plans remain intact and we will continue to grow the ecosystem of our services, which includes developing in-house capabilities in underwater diving services and advanced non-destructive testing (“NDT”) inspection services with the proceeds raised. We are also planning to invest and further expand our business in the downstream segment,” Kenny further added.

Ocean Vantage is an O&G integrated support services provider for both upstream and downstream of the O&G industry headquartered in Miri with offices in Bintulu, Puchong and Labuan, and a fabrication yard in Senai.

The Group’s IPO exercise entails a public issue of up to 82.2 million new shares, representing 20 percent of its enlarged share capital, and an offer for sale of up to 41.1 million existing shares by way of private placement to identified investors. Ocean Vantage is scheduled to be listed on the ACE market of Bursa Securities by July 2020.



Please enter your comment!
Please enter your name here

Latest News

Petronas Dagangan Berhad becomes first LNG solution provider for off-grid customers in Peninsular Malaysia

Following the launch of the Virtual Pipeline System (VPS) solution via the Regasification Terminal (RGT) in Pengerang, Johor, Petronas Dagangan Berhad (PDB)...

Huawei Malaysia signs MoU with Serba Dinamik to establish Smart Campuses in Malaysia

Huawei Technologies (Malaysia) Sdn. Bhd. (Huawei) and Serba Dinamik Group Berhad (Serba Dinamik) have teamed up to explore and develop innovative digital...

Shopee finds demand for premium and branded segment multiplied by over 300 times since 2015

E-commerce platform, Shopee has seen growing confidence and comfort in purchasing premium and branded items priced RM3,000 and above in addition to...

Social Enterprise Education Lab showcases journey of teams in 1st cohort

Social Enterprise Education Lab (SEEd.Lab), a programme developed by Petroliam Nasional Berhad (PETRONAS) and Tata Consultancy Services (TCS), marked its first Open...

HSBC Malaysia bags 2 accolades in Malaysia Technology Excellence Awards 2020

The Malaysia Technology Excellence Awards laud exceptional companies who are leading the technological revolution and digital journeys of their respective industries to...

Must read

Affordable rent-to-own scheme for the youth of B40

By Sofea Azahar, In addressing the issue of housing affordability and ownership within the youth in low-income group...

The pandemic push to pivot: The reality of a renewable energy leader

By Ko Chuan Zhen, Chief Executive Officer & Co Founder of Plus Solar, The pandemic was an acid test...

Empowering Malaysians to become informed investors one app at a time

With a goal to build 500 applications that focuses on enabling action, Reactive Labs, co-founded by George and Riza, aims to go...

Bigo Live: A growing sensation in an industry with a big appetite

The live-streaming industry has seen a massive growth in years. From the likes of Vimeo to Facebook Live, the industry has grown...