The group will introduce corrosion control products and solutions to the onshore oil and gas, marine and power industries.
In its drive to be the No.1 company, PPTB will embark on broad strategies under the Petronas Vendor Development Program (VDP) status to manufacture, supply and install protective systems for corrosion prevention on all fasteners, new pipe flange surfaces and pipe supports.
These will include surface preparation, supply and installation on corroded fasteners and flanges surface for a period of five years.
The program which was extended in February 2002, will include the inspection and maintenance of risers or riser clamps.
Full implementation of the vendor status came into effect much later upon the conclusion of the Master Service Agreement and the award of the individual contracts from Petronas' Production Sharing Contracts (PSC) contractors namely Carigali, ExxonMobil, Shell and Nippon Oil for the provision of corrosion control services in May/June last year.
"Under the VDP status, we have an excess balance contract worth RM70 million which could last for the next five years," said its chairman Makhtar Mohamed at the media briefing here Wednesday.
He said that PPTB would be competing with foreign companies and hoped to secure orders in Brunei, Thailand, Indonesia, Vietnam and Myanmar soon.
Makhtar said that PPTB would be having a strong and well-balanced team which would be essential to the development of innovative and successful products and solutions.
He said that in order to achieve the target, RM8 million was set aside to strengthen its product Research and Development (R&D) team and also formalize its product process in a more regimented way.
He said, "We develop our own products, we suggest our own products and we do our own research and our products are patented and verified by international bodies.
PPTB, en route to a listing on Bursa Malaysia's Mesdaq market this July, will issue 52 million new ordinary shares of 10 sen each at an issue price of 33 sen per share.
Out of this, 2.08 million shares will be made available to the Malaysian public, 20.8 million to its directors and employees and the remaining 29.12 million for private placement.
It hopes to raise RM17.1 million in proceeds from the exercise out of which RM8 million would go to R&D, RM8 million for working capital and the rest to cover for the listing exercise.
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