01-07-08 Malaysia's oil and gas services provider Uzma expects half of sales to come from overseas by 2011, compared with 21.5 % currently, as it expands its international presence. Uzma made a revenue of 128.2 mm ringgit ($ 39.33 mm) last year.
"We also want to expand our current international offices, such as the ones in Bangkok, Jakarta, Doha and Perth, so that they can provide all the services," chief executive officer and managing director Kamarul Redzuan Muhamed said after the launch of Uzma's prospectus in Kuala Lumpur.

Although overseas revenue contributes just over one-fifth of total sales, it accounts for 42 % of gross profit.
"Most international projects are gas geoscience and reservoir engineering services, which offer better margins," Kamarul was quoted as saying.

Uzma was set up in 2000. It helps oil companies identify potential oil and gas resources and estimate how much can be recovered as well as advises clients where and how to drill. It also helps oil companies extract moreoil from their reservoirs.
Uzma, which is likely to be listed on July 21, expects to raise 34.2 mm ringgit ($ 10.49 mm) from the Initial Public Offering (IPO). Proceeds will be used to set up a geological laboratory and buy computers as well as for working capital for its expansion in India and North Africa.

The IPO involves a public issue of 18 mm new shares of 0.5 ringgit ($ 0.15) each and an offer for sale of 10 mm existing shares at 1.90 ringgit ($ 0.58) a share.
Out of the public issue, a third will be made available to the public, 9 mm shares to eligible directors and employees, and 3 mm shares placed out to selected investors.