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 5 January 2024 entered into a Memorandum of Understanding (“MoU”) with PT. Pertamina Drilling Services Indonesia (“PDSI”), a subsidiary of PT. Pertamina to explore potential collaborations in oil and gas and geothermal drilling services and other services which are not limited to onshore/ offshore rigs, gas monitoring system services, fishing services, tubular running services and other upstream services in several countries including Malaysia, Philippines and Thailand  (“Services”). PT Pertamina is an Indonesian state-owned oil and natural gas corporation based in Jakarta. The approval on the release of this announcement was obtained from PDSI on 11 January 2024.

 

2. Salient Terms

The salient terms of the MoU are as follows: -

(a) the parties agree to jointly identify market opportunities in the field of providing the Services and discuss option to jointly pursue, develop and implement the opportunities on a non-exclusive basis;

(b) the potential scope of work of Uzma and PDSI shall be defined in a definitive agreement ; and

(c) the duration of the MoU will be for one (1) year effective 5 January 2024 until 4 January 2025.

 

3. Risk Factors

The risk factors involved in the MoU is expected to be minimal. In the event UESB enters into a definitive agreement with PDSI, the Board and the management will exercise due care in considering the associated risks and benefits.

 

4. Financial Effects

The MoU is not expected to have any immediate material effect on the earnings per share, net assets per share, gearing, share capital and shareholding structure of the Company for the financial year ending 30 June 2024.

 

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 MoU.

 

6. Directors’ Statement

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

This announcement is dated 12 January 2024.