Malaysia's oil and gas services provider Uzma Bhd expects half of sales to come from overseas by 2011, compared with 21.5 percent currently, as it expands its international presence, local media reported on Tuesday.
Uzma made a revenue of 128.2 million ringgit (39.33 million U.S. dollars) last year.
"We also want to expand our current international offices, such as the ones in Bangkok, Jakarta, Doha and Perth, so that they can provide all the services," chief executive officer and managing director Kamarul Redzuan Muhamed said after the launch of Uzma's prospectus in Kuala Lumpur on Monday.
Although overseas revenue contributes just over one-fifth of total sales, it accounts for 42 percent of gross profit.
"Most international projects are gas geoscience and reservoir engineering services, which offer better margins," the New Straits Times quoted Kamarul as saying.
Uzma was set up in 2000. It helps oil companies identify potential oil and gas resources and estimate how much can be recovered as well as advises clients where and how to drill.
It also helps oil companies extract more oil from their reservoirs.
Uzma, which is likely to be listed on July 21, expects to raise34.2 million ringgit (10.49 million U.S. dollars) from the initial public offering (IPO).
Proceeds will be used to set up a geological laboratory and buy computers as well as for working capital for its expansion in India and North Africa.
The IPO involves a public issue of 18 million new shares of 0.5ringgit (0.15 U.S. dollars) each and an offer for sale of 10 million existing shares at 1.90 ringgit (0.58 U.S. dollars) a share.
Out of the public issue, a third will be made available to the public, nine million shares to eligible directors and employees, and three million shares placed out to selected investors.
Source:Xinhua
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