Tengah urges more listings for Sarawak firms

Second Minister of Planning and Resource Management Dato Sri Awang Tengah Ali Hassan yesterday urged more Sarawak-based companies to seek listing on the Main Board of Bursa Malaysia Berhad.
He said they should follow in the steps of Dayang Enterprise Holdings Berhad (DEHB) in seeking listing on the Main Board.

“We should be proud that DEHB had made significant progress not only in the state but also aspired to go beyond Malaysia and become another ‘born in Sarawak’ global player in the oil and gas industry,” said Tengah.

He said this at the signing ceremony of the underwriting agreement for the Initial Public Offering between DEHB and AmInvestment Bank Berhad at Hilton Hotel, here yesterday.

He pointed out that DEHB’s proposed listing augured well for the state government’s efforts to increase private sector investment particularly in the Sarawak Corridor of Renewable Energy (SCORE).

“In fact the oil and gas industry has always been the backbone of the state economy and is also identified as one of the ten priority industries for SCORE,” added Tengah.

Tengah, who is also Minister of Public Utilities, said with the fruition of SCORE, the state’s Gross Domestic Product would increase five-fold from RM23 billion in 2008 to RM118 billion in 2030 with an average growth of seven per cent per annum.

“The state government’s initiatives and efforts over the years in the diversification and value adding of the state’s economy have successfully provided ample business and employment opportunities for the people.

“The business-friendly policy of the government has created an investment climate conducive for both local and foreign investors in the state including DEHB,” said Tengah.

He said there was no doubt that DEHB had emerged as a champion in the industry as it is ranked ninth among 59 companies that undertake offshore topside maintenance services, hook-up and commissioning services in the oil and gas industry in the country.

He said it was worthy to note that the success of companies such as DEHB reflected the dynamism and competitiveness of the state in promoting greater entrepreneurship with excellent corporate culture and robust business activities among the private sector.

“The presence of successful corporations likes DEHB with its head office in Miri and assisted by 1,000 local personnel has no doubt contributed not only to the state’s economy but also in the development of human capital largely through their numerous trainings and transfer of knowledge for its workers.”

Tengah said it was his sincere hope to see DEHB continue its success and grow from strength to strength to become the leading provider of oil and gas services in the country and perhaps one day in the region.

Later he witnessed the signing of agreement and exchange of documents between DEHB and AmInvestment Bank Berhad for the appointment of AmInvestment Bank as the adviser, sole underwriter and sole placement agent to DEHB on its listing.

Executive chairman Datuk Hasmi Hasnan and deputy chairman James Ling signed on behalf of DEHB while AmInvestment Bank Berhad was represented by AMMB Holdings Berhad deputy chairman Datuk Azlan Hashim and AmInvestment Bank Berhad executive director Pushpa Raja Durai.

Assistant Minister in the Chief Minister’s Department cum Assistant Minister of Industrial Development Datuk Daud Abdul Rahman, State Assembly Speaker Dato Sri Mohd Asfia Awang Nassar, MPs for Julau Datuk Salang Gandum and Mukah Dato Sri Dr Muhd Leo Michael Toyad, and DEHB managing director Tengku Yusof Tengku Ahmad Shahruddin were also present.

DEHB is an investment holding company whose subsidiaries are involved in providing various pro-ducts and services for the upstream sector of the oil and gas industry.

Its three wholly owned subsidiaries Dayang Enterprise Sdn Bhd, DESB Marine Service Sdn Bhd and Fortune Triumph Sdn Bhd are principally involved in the provision of offshore topside maintenance ser-vices, minor fabrication operations, offshore hook-up and commis-sioning and charter of marine vessels.

With approximately 27 years of experience in the oil and gas industry, the DEHB Group has established itself as a major provider of offshore platform services for major oil companies like Petronas Carigali, Sarawak Shell, ExxonMobil and Murphy Sabah Oil Co. Ltd.

DEHB recorded a revenue of approximately RM127.1 million for the financial year ended Sept 30 2007 and has to date completed various contracts for provision of offshore topside maintenance services totalling some RM934 million.

It now has an order book worth RM627 million to last for the next three years.

(Taken from Borneo Post)

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