Uzma awarded 4-year equipment provision contract from ExxonMobil

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KUALA LUMPUR (March 18): Uzma Bhd’s majority-owned subsidiary, Setegap Ventures Petroleum Sdn Bhd, has received a letter of award from ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) for provision of pumping equipment and services.

In a filing to the local bourse, Uzma said the contract term is for four years, with EMEPMI having the option to extend it by another year on the same terms and rates.

The company also said the value of the contract would depend on the number of work orders issued by EMEPMI throughout the duration of the contract.

“The award of contract is expected to contribute positively to the earnings and enhance net assets per share of Uzma Group for the financial year ending June 30, 2020 and onwards until the expiry of the contract,” it said.

Shares in Uzma closed 5.5 sen or 13.9% lower at 34 sen, with 3.76 million shares traded, giving it a market capitalisation of RM109 million.