KUALA LUMPUR, Feb 20 (Bernama) — PETRONAS is collaborating with six investment banks and corporate finance advisors for them to provide advisory to vendors in the Malaysian Oil & Gas Services and Equipment (OGSE) sector intending to pursue Initial Public Offerings (IPOs).
The Company handed over the Memorandums of Understanding (MoUs) at an event here recently to KAF Investment Bank Berhad, Kenanga Investment Bank Berhad, MIDF Amanah Investment Bank Berhad, DWA Advisory Sdn Bhd, MainStreet Advisers Sdn Bhd and Wyncorp Advisory Sdn Bhd.
The initiative is part of the ‘PETRONAS LESTARI: Road To Bursa’ programme launched in May 2019, in collaboration with Bursa Malaysia. The programme encourages the listing of potential OGSE vendors on the local bourse to improve the vendors’ resilience and sustainability.
The MoU is set to ease OGSE vendors’ selection of advisors who will support them with attractive pre-IPO offerings, and IPO advisory for Leading Entrepreneur Accelerator Platform (LEAP), a platform for SMEs and startups to raise capital on Bursa Malaysia.
The MoU, however, does not limit the OGSE vendors from selecting and working with other investment banks and corporate finance advisors.
At the event, PETRONAS Group Procurement Vice President Liza Mustapha said that going public would present many benefits for OGSE vendors, especially those looking to expand their business offerings in areas which excite investors, including new technologies, digitalisation, diversification and overseas growth.
“By being listed, OGSE vendors would be maintaining high standards of management, implementing good governance and always be on the look-out to expand and grow; all of which would enhance sustainability and resiliency of their businesses. Public profile and visibility would also be much elevated once our vendors are listed, enabling further rapid growth in Malaysia and also overseas,” she said.
Bursa Malaysia Director of Securities Market Mahdzir Othman encouraged OGSE vendors to get listed on the Malaysian stock exchange.
“At Bursa Malaysia, we are proud to be an Exchange that serves companies of all sizes. Home to more than 900 companies across 60 economic activities, Bursa Malaysia is the largest bourse in ASEAN in terms of the number of companies.
“PETRONAS is collaborating with advisors is key to mutual success, and we look to strengthen our relationship further with PETRONAS to advance the oil and gas industry through our marketplace. Bursa Malaysia offers a robust platform for raising capital and investment, providing greater exposure and diversification. We offer listing avenues for companies of all sectors and sizes – the Main Market for established companies, the ACE Market for growth companies and the LEAP Market for SMEs, including start-ups,” he said.
To date, PETRONAS has conducted IPO briefings and one-to-one coaching sessions for about 60 vendors with potential to meet IPO requirements and will continue to identify vendors with high potential to be listed on Bursa Malaysia.
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