Kuala Lumpur: Barakah Offshore Petroleum made a spectacular debut on Bursa Malaysia today trading at RM1.02 by lunchtime, up 48.5 sen from its reference price.
The company listed via a reverse takeover of Vastalux Energy Bhd, and will use funds raised for the purchase of equipment, refinancing of debts and for working capital.
Barakah provides pipeline services, offshore transportation and installation works, hook-up and commissioning, underwater services and chartering of marine vessels and equipment. It currently owns a 137 meter length pipe-lay accommodation barge, “Kota Laksamana 101”.
Firdauz Edmin Mokhtar, the firm’s cfo, said at a press conference after the listing that the group will focus on growth in Vietnam, Indonesia, Brunei and Myanmar by partnering with local oil and gas companies. [06/11/12]