Sarawak-based oil and gas services firm United Asiapac Energy Bhd is looking to further expand its well intervention services business in East Malaysia following its debut on the ACE Market of Bursa Malaysia, reported Bernama. 

The company’s shares opened flat at 35 sen, with 2.78 million shares changing hands during the early trading session. By 5pm, the stock had closed 11.4% lower at 31 sen, with 40.8 million shares traded.

Speaking after the company’s listing ceremony, executive director and chief corporate officer Ng Her Yinn said the initial public offering (IPO) would provide an opportunity to broaden United Asiapac Energy’s reach beyond its existing markets and strengthen its presence across Malaysia.

“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.

The listing ceremony 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.

The company specialises in well intervention services and has an established presence across Malaysia. Its IPO is expected to support further business expansion as it seeks to strengthen its operations and contribute to the development of Sabah and Sarawak, according to Bernama.