EA Technique en route to listing on Bursa M’sia

KUALALUMPUR: EATechnique (M) Bhd (EA Technique) has announced that it has obtained approval from the Securities Commission Malaysia (SC) to proceed with its Initial Public Offering (IPO) exercise.

The company which is principally an owner and operator of marine vessels, focused on marine transportation and offshore storage of oil & gas as well as the provision of port marine services, is ramping up for its listing on the Main Market of Bursa Malaysia Securities Bhd (Bursa Malaysia) for the proposed flotation of its entire enlarged and issued paid-up share capital.

In a press statement, Datuk Ir Abdul Hak Amin, the managing director of EA Technique said, “This milestone for the company marks the beginning of a new phase of business expansion for EA Technique as we proceed towards becoming a listed entity.

“We are thankful to the SC for granting us approval to list following their careful evaluation, and are mindful of the responsibilities that come with being a publiclytraded company.

“It is a testament to the diligent efforts of the team here at EA Technique that the company has come thus far, and we are excited to continue to grow moving forward.”

EA Technique’s IPO involves a public issue of 129 million ordinary shares of RM0.25 per share, comprising an offer sale of 15 million existing shares and a public issue of 114 million new IPO shares.

It said, of these IPO Shares, 25.2 million will be allocated to the Malaysian public via balloting and 78.8 million will be placed to institutional and selected investors to be identified.

The remaining 10 million IPO Shares are reserved for application by the eligible directors and employees of the Company and its subsidiary.

EA Technique is an indirect sub- sidiary of Kulim (Malaysia) Bhd held through its wholly-owned subsidiary, Sindora Bhd.

Through its wholly-owned subsidiary, Johor Shipyard, the company also carries out shipbuilding and ship repair activities to complement its core vessel operations. For marine transportation, EA Technique is involved in the charter of product tankers, floating storage units (FSU), liquefied petroleum gas (LPG) tankers and offshore support vessels (OSV).

As for its port marine services, the company is involved in the charter of harbour/utility tugboats and mooring boats as well as dockside mooring