1. Introduction

The Board of Directors of Uzma (“Uzma” or “the Company”) is pleased to announce that Uzma Engineering Sdn. Bhd. (“UESB”), a wholly owned subsidiary of the Company, has on 14 March 2023 accepted an award of contract from PETRONAS Carigali Sdn Bhd (“PCSB”) for Provision of Gas Lift Valve (GLV) & Insert Strings Equipment, Accessories and Services for PCSB pursuant to PCSB’s Letter of Award dated 14 March 2023 (“Contract”) which was subsequently approved for announcement by PCSB on 24 May 2023.

2. Salient Terms

The salient terms of the Contract are as follows: -

(a)   scope of works comprises of the supply of Gas Lift Valve (GLV) & Insert Strings Equipment, Accessories and Services for PCSB’s wells at offshore East and West Malaysia; and

(b)   the duration of the Contract will be for three (3) years, effective 14th March 2023 until 13th March 2026 (“Contract Period”).

3. Risk Factors

Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

4. Financial Effects

The Contract will not have any effect on the share capital and shareholding structure of the Company as it does not involve the issuance of ordinary shares in the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2023 and onwards until the expiry of the Contract.

5. Directors’ and Major Shareholders’ Interests

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Uzma has any direct or indirect interest in the Contract.

6. Directors’ Statement

The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the acceptance of the Contract is in the best interest of the Company.

This announcement is dated 24 May 2023.