Bumi Armada lists on the Bursa MalaysiaCompany News // July 22, 2011
Bumi Armada, a Malaysia-based international offshore services provider, was listed on the main market of Bursa Malaysia Securities Berhad earlier this week.
Malaysia’s largest owner and operator of offshore support vessels and the eighth largest floating production, storage and offloading operator in the world, Bumi Armada’s listing marks the completion of the largest Initial Public Offering (IPO) in Malaysia and the second largest in Southeast Asia thus far this year. The event was graced by Malaysia’s Deputy Finance Minister, Datuk Dr Awang Adek Hussin.
The market capitalisation of the company, based on the IPO price of RM3.03 per share, was RM8.9 billion.
On the listing, Hassan Assad Basma, the Executive Director and Chief Executive Officer of Bumi Armada said: “With the successful completion of this IPO, Bumi Armada achieved a significant milestone in its corporate history.
"Our IPO received tremendous response and strong demand from both the international and Malaysian investors, including some of the biggest names in the investment community.
"On behalf of Bumi Armada, I welcome all our new shareholders and investors into the Bumi Armada fold and thank them for having confidence in the company and its stock.”
He added: “We are proud to introduce to the Malaysian equity markets a Malaysian-based international company in the oil and gas sector with an expanding reach that provides high end dedicated services across the entire value chain, led by a highly skilled and culturally diverse management team.
"On the back of this winning formula, we echo the confidence of our investors when we say we are all geared up to further expand our position as a major player in the international oilfield services sector.”