Thursday 28 Mar 2024
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PUTRAJAYA (Oct 23): Carimin Petroleum Bhd, which is en route to be listed on Bursa Malaysia's Main Board on Nov 10 this year at an offer price of RM1.10, is not concerned about falling crude oil prices.

Its Managing Director Mohktar Hashim views the current downtrend as a short term correction.

Speaking to the media after the launch of Carimin's initial public offering (IPO) prospectus today, Mohktar noted that what mattered was the company's fundamentals.

"Many have questioned the timing of the listing but we see this [correction of oil prices] as short-term [drop]," he said during a press conference.

He said,to date, Carimin had RM900.8 million worth of jobs for hook-up & commissioning and manpower supply. And that would keep the group occupied until 2018.

Carimin had RM800 million worth of tender book, to date, in the local market, Mohktar added.

The offshore oil and gas services provider is planning to raise RM66.8 million in public funds. Its IPO entails a public issue of 60.7 million new shares, of which 11.7 million shares will be allocated for the public, and three million shares are for eligible directors and employees. Another 46 million shares will be allocated through private placement to identified investors.

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