(From left to right) Jamie Ling, Group CEO, AmBank Group, Christopher Yap, Managing Director of Business Banking, AmBank Group, Lee Chen Yow, Group Chief Financial Officer, Uzma Berhad, and Dato’ Kamarul Redzuan Muhamed, Group CEO Uzma berhad at the signing ceremony.
Monday, 11 March 2024 - AmBank Group has granted RM300 million financing facilities to Uzma Engineering Sdn Bhd (UESB), a wholly owned subsidiary of Uzma Berhad and a leading energy and technology solutions provider. The purpose of the financing is to support key contracts awarded by PETRONAS Carigali Sdn. Bhd. (“PCSB”) which is the oil and gas exploration and production subsidiary of Petroliam Nasional Berhad (PETRONAS). These include:
Provision of Hydraulic Workover and Plug & Abandonment Operations (Package A: 340K HWU Rig & Package B: 460K HWU Rig), which was awarded in May 2023; and contract extension for the Provision of Leasing, Operation, and Maintenance of Water Injection Facility for PCSB, which was awarded in October 2022.
Uzma stands at the forefront as a key beneficiary of PETRONAS Activity Outlook 2024-26 report. With anticipated increased upstream activities by PETRONAS, the outlook remains positive for upstream service providers like Uzma. Uzma has positioned itself as a competitive solutions provider, leveraging ongoing energy transition efforts to drive sustainable growth.
“We are very pleased to be supporting Uzma Group, a key service provider to PCSB and PETRONAS in their climate change transition towards generating sustainable energy which strategically aligns with the National Energy Transition Roadmap. This strategic collaboration is aimed at supporting essential operating expenditures for contracts that not only drive efficiency and innovation in our national oil and gas sector but also align with our shared vision for a more sustainable future. It is our belief that responsible financing is pivotal in fostering sustainable operations across industries, and this initiative exemplifies our commitment to being at the forefront of environmental stewardship while supporting economic growth.” said Jamie Ling, Group Chief Executive Officer, AmBank Group.
Christopher Yap, Managing Director, Business Banking, AmBank Group said, “In alignment with AmBank's dedication to promoting sustainable practices, this financing arrangement with UESB is a testament to our proactive approach in supporting our clients through responsible banking practices. By backing UESB’s endeavours to enhance operational efficiencies and reduce environmental impact within the oil and gas sector, we are not just investing in the future of business, but also in the future of our planet. This initiative underscores our belief in the power of partnership and innovation to drive meaningful progress towards sustainability goals. We are excited to play a pivotal role in facilitating these critical advancements, demonstrating our ongoing commitment to contributing positively to our community and the environment.”
Dato’ Kamarul Redzuan Muhamed, Group CEO of Uzma, expressed gratitude to AmBank Group for their continued support to the oil and gas sector. “This financing agreement underscores AmBank’s confidence in Uzma’s capabilities and our strategic position in the industry,” said Dato’ Kamarul. He further added, “Dedicated to advancing the energy landscape, Uzma values AmBank Group’s unwavering commitment to supporting the energy sector. With this financing in place, we are poised to deliver on our promises, driving sustainable solutions with low carbon footprint and contributing to the nation’s energy security.”
This financing facility from AmBank Group reflects a shared commitment to driving growth and innovation in the energy sector. Uzma looks forward to leveraging this support to further strengthen its position as a leading solutions provider in the industry.