- Capital Raising & Valuation: United Asiapac Energy Berhad aims to raise RM48.73 million via an initial public offering (IPO) of 139.22 million new shares at RM0.35 per share, giving it an estimated market capitalisation of RM192.5 million upon its 19 August 2026 debut on Bursa Malaysia’s ACE Market.
- CapEx-Heavy Growth Allocations: Nearly half (47.74%) of the gross IPO proceeds will fund specialised well intervention tools and equipment, while 11.29% is allocated for a new corporate office, 10.83% for workforce expansion, and 4.93% to hire engineers for new technical solutions.
- Resilient Earnings Momentum: The group achieved a record gross profit of RM21.9 million for the 9-month financial period ended 2026, already outpacing its full FYE 2025 gross profit (RM14.5 million) by over 50%.
Upstream oil and gas service provider United Asiapac Energy Berhad has officially unveiled its IPO prospectus as it prepares to list on the ACE Market of Bursa Malaysia Securities Berhad.
The public issue application window opens today and closes on 5 August 2026 at 5:00 p.m.. Underwritten and managed by TA Securities, the group provides crucial well intervention solutions, including fishing, plug & abandonment (P&A), and sidetracking, designed to maintain well integrity, optimise flow, and handle end-of-life decommissioning across offshore Malaysia.
| IPO Detail / Parameter | Allocation / Figure |
| IPO Share Price | RM0.35 per share |
| New Shares Issued | 139,220,000 ordinary shares |
| Enlarged Share Base | 550,000,000 ordinary shares |
| Estimated Market Capitalisation | RM192.5 million |
| Target Gross Proceeds | RM48.73 million |
| Key Use of Proceeds (Equipment) | 47.74% (RM23.26 million) |
| Key Use of Proceeds (Office & Talent) | 27.05% (Corporate office, hiring, & engineering) |
| Listing Date | 19 August 2026 |
Comparative Valuation & Peer Benchmark
To contextualise United Asiapac Energy’s RM192.5 million listing valuation, the group’s focus on brownfield intervention and decommissioning places it alongside established Bursa Malaysia upstream and offshore service operators.
Compared to larger Main Market peers like Deleum Berhad (which trades at a trailing P/E of roughly 6.6x with strong dividend support) or Uzma Berhad (market capitalisation ~RM250 million), United Asiapac Energy enters the market as a focused, high-margin specialist in asset integrity and well recovery.
| Company Name | Listing Board | Core Focus | Market Cap (RM mil) | Trailing P/E (x) | Strategic Differentiation |
| United Asiapac Energy | ACE Market (Upcoming) | Well intervention, fishing, & P&A | 192.5 (IPO) | ~8.8x (Annualised) | High exposure to mandatory compliance & non-discretionary P&A |
| Uzma Berhad | Main Market | Well solutions, production enhancement | ~252.0 | ~7.2x | Integrated energy service provider with broader asset portfolio |
| Deleum Berhad | Main Market | Power & machinery, well services | ~445.7 | ~6.6x | Mature cash generator with consistent dividend yield (~8.4%) |
| Carimin Petroleum | Main Market | Hook-up, commissioning, & maintenance | ~97.1 | ~9.0x | Asset-heavy offshore maintenance specialist |
What it means for Malaysia
- Insulation from Volatile Crude Prices: Because P&A (plug & abandonment) and well integrity services are driven by mandatory regulatory obligations rather than speculative exploration, United Asiapac Energy operates on a defensive business model. This insulates local oilfield service vendors from broader oil price swings, helping maintain steady employment and activity within Malaysia’s domestic oil and gas ecosystem.
- Strengthening National Energy Supply Chains: Domestic service capabilities backed by strategic operational bases in Kemaman and Labuan reduce dependency on foreign-based oilfield providers. By maintaining owned inventory locally, Malaysia circumvents foreign shipping delays, import restrictions, and cross-border logistics risks, bolstering PETRONAS and operator uptime.
What it means for ASEAN
- Regional Blueprint for Offshore Decommissioning: As offshore oil and gas fields across Southeast Asia (such as in the Gulf of Thailand and Indonesia) continue to reach maturity, the demand for specialised P&A services is rapidly expanding. United Asiapac Energy’s listed platform positions Malaysia as a regional hub for specialised brownfield maintenance and environmental remediation expertise.
- Mitigating Supply Chain Vulnerabilities in Regional Waters: Offshore intervention projects across ASEAN often face delays when importing specialised heavy equipment from Western or Middle Eastern hubs. The expansion of localised equipment fleets in East and Peninsular Malaysia provides regional operators with quicker mobilisation turnarounds during unplanned well failures or required integrity checks.
Editor’s Take
Hydrocarbon maturity is an inescapable reality for South-East Asia’s basin operators. While market headlines naturally lean toward major new field discoveries or massive capex programs, the unglamorous work of maintaining well integrity and safely executing decommissioning represents a growing, highly defensive sub-sector. United Asiapac Energy’s decision to allocate nearly half of its IPO proceeds directly into tool and equipment ownership is a calculated move to capitalise on this structural demand. In a volatile macro energy environment, service providers aligned with mandatory regulatory compliance rather than discretionary exploration budgets hold a clear competitive edge.