Carimin Pe­tro­leum di­ver­si­fy­ing into con­struc­tion

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Oil and gas ser­vices provider Carimin Pe­tro­leum Bhd is di­ver­si­fy­ing into the con­struc­tion busi­ness with the com­ple­tion of its ac­qui­si­tion of a 60% stake in Noblecorp Builders Sdn Bhd, now known as Carimin Bina Sdn Bhd, for RM838,000 in July.

In a fil­ing with Bursa Malaysia, Carimin Pe­tro­leum said as Carimin Bina, which is in­volved in gen­eral civil con­tract­ing and geotech­ni­cal work, could se­cure more con­tracts and may con­trib­ute more than 25% of the group’s net profit in the fu­ture, it has to seek ap­proval from share­holder for the pro­posed di­ver­si­fi­ca­tion at an EGM to be held later.

Carimin Pe­tro­leum ex­plained that the ven­ture into the con­struc­tion busi­ness is to mit­i­gate the de­pen­dency on the un­cer­tain oil and gas seg­ment, which has re­sulted in lower earn­ings for the group.

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