IPO: Vastalux Energy

An oil and gas services provider. Its main customers include Petronas Carigali Sdn Bhd, Murphy Sarawak Oil Company Ltd and Malaysian Refining Company Sdn Bhd.

Its competitive advantages lay with its strong in-house engineering skills, ownership of three fabrication yards and a marine vessel, and experienced workers.

The company plans to spend around RM6.5 million to construct a new onshore fabrication yard in Tanjung Kalong, Terengganu. It is also eyeing two more offshore support vessels.

It will also use the proceeds to repay loans and for working capital.

Its secured order book stands at RM900 million (with 40% completed) that will last for another two years. Vastalux is also bidding for contracts totalling RM775 million, including three oil and gas plant work and maintenance projects worth RM103 million from Malaysian Refining Company.