KUALA LUMPUR: Sarawak-based oil and gas services firm, United Asiapac Energy Bhd, is set to further expand its well intervention services business in Sabah and Sarawak following its debut on the ACE Market of Bursa Malaysia yesterday.

The company’s shares opened flat at 35 sen, with 2.78 million shares changing hands during the early trading session.

At 5pm, the stock closed 11.4% lower at 31 sen with 40.8 million shares changing hands. Its executive director and chief corporate officer Ng Her Yinn said the initial public offering (IPO) provides the company with an opportunity to broaden its reach beyond its existing markets and strengthen its presence across the country.

“Our plan is to continue growing our presence in Sabah and Sarawak. At the same time, our presence and the work that we deliver are not limited there.

“We already have a presence across Malaysia and this (IPO) will allow us to further expand our business, while also contributing to the development of Sabah and Sarawak,” she said in a press conference after the company’s listing ceremony.

The event was attended by United Asiapac Energy managing director Ahmad Fadzuli Ali, Deputy Economy Minister Datuk Mohd Shahar Abdullah and Teraju chief executive officer Junady Nawawi.

Ng said the company has a competitive advantage in providing its services despite the prevailing geopolitical situation. — Agencies