Barakah Offshore unveils abridged prospectus
KUALA LUMPUR: Barakah Offshore Petroleum Bhd yesterday launched its abridged prospectus in conjunction with its proposed non-renounceable offer of redeemable convertible unsecured loan stocks (RCULS).
The offer is part of the scheme for the listing of Barakah on Bursa Malaysia's Main Market.
Upon its listing on November 6, its market capitalisation will be RM405.6 million, based on the share capital of RM124.8 million comprising 624.064 million shares and the issue price of its new shares of 65 sen each.
Company founder and executive deputy chairman Nik Hamdan Daud said the listing will contribute to its aim of becoming a major player in the oil and gas (O&G) services sector.
Barakah is an upstream and downstream service provider in the O&G services sector.
Its core operations are mainly in the field development phase of the O&G industry, which comprises pipeline pre-commissioning, commissioning and de-commissioning works, offshore transportation and installation (T&I) and hook-up commissioning.
Barakah is also equipped to undertake full Engineering, Procurement, Construction and Commissioning works for onshore pipeline and construction.
For the financial year ended September 30 2012, the group recorded a revenue of about RM202 million while its net after-tax profit was about RM33 million.
Among its key assets is a new pipe lay barge, "PLB-Kota Laksamana 101", which the group expects to be a catalyst for its growth in the T&I segment.
Barakah has a diverse oil and gas customer base, ranging from Petronas to international O&G companies such as Petrofac, Talisman, Exxon-Mobil and Newfield.