Sarawak firm United Asiapac Energy makes ACE Market debut at 35 sen
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Sarawak-based United Asiapac Energy Bhd made its debut on Bursa Malaysia’s ACE Market on Monday, opening at its initial public offering price of 35 sen a share.
The listing gives the oil-and-gas services company more room to expand its well-intervention business in East Malaysia and beyond. Its services cover work such as well integrity, fishing and plug-and-abandonment operations for upstream operators.
The company said its IPO raised RM47.83 million. It plans to use part of the proceeds for new equipment, workforce expansion and engineering capability. The firm has completed more than 200 projects since 2021, according to the company’s listing information reported on Monday.
For Sarawak, the development is also part of the state’s push to bring more Bumiputera companies into the capital market. United Asiapac is the first of a state target of three Sarawak Bumiputera companies listed on Bursa Malaysia by 2030.
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