KUALA LUMPUR: Uzma Bhd's subsidiary, Jannatul Firdaus International Sdn Bhd has entered into an expression of interest (EOI) with Arafura Energies Ltd and Australian Niugini Services for the sale and purchase of hydrocarbon fuel and product.
Arafura Energies is a provider of refined petroleum products in Papua New Guinea.
While, Australian Niugini is a company that specialises in procurement, supply chain, site management, hospitality support, food sourcing, real estate development, construction, mining and exploration services and telecommunication.
In its filing with Bursa Malaysia today, Uzman said all parties shall negotiate in good faith and enter into a master sale and purchase agreement for the sale and purchase of hydrocarbon fuel.
It said the hydrocarbon fuel shall be delivered to Arafura Energies and Australian Niugin at the loading port or the discharge port depending on the method of delivery chosen under the confirmation notice.
" The duration of the EOI is for a period of one year commencing from July 12 2024 until July 11, 2025," it said.
According to Uzma, the EOI is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2025 and onwards until the expiry of the EOI period.
However, potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions, it added.
Uzma's share price was down 1.7 to RM1.14, giving it a market capitalisation RM491.9 million.
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