Uzma embarks on internal reorganisation

PETALING JAYA: Uzma Bhd’s internal reorganisation exercise will see units from its wholly owned subsidiary Uzma Engineering Sdn Bhd transferred to a holding company and a new wholly owned subsidiary, Uzma Resource Solutions Sdn Bhd.

Uzma’s board of directors said in a Bursa Malaysia filing that its cost centres or departments from Uzma Engineering, namely finance, human resources, business development, information technology and administration, would be transferred to the holding company.

Meanwhile, the current consultancy and resource solution business under Uzma Engineering will be transferred to Uzma Resource Solutions.

The board said the internal reorganisation involves the transfer of staff employed under Uzma Engineering to Uzma with the intention that all cost of maintaining the shared-service functions be transferred to the holding company.

“The internal reorganisation was proposed to restructure the current set-up of the group’s core businesses and to streamline its structure and management,” the board said on the rationale behind the corporate exercise.

At present, most of the group’s core projects are held under Uzma Engineering, which also houses most of the licences from Petroliam Nasional Bhd.

The internal exercise will not have an impact on the group’s earnings for the financial year ending June 30, 2018.

On Bursa Malaysia last Friday, Uzma remained at RM1.32 with 173,900 shares done.