Qualampur: Anproosw Group, a provider of plant maintenance and engineering services, is making a strategic expansion in the heavy lifting and equipment rental section-a company is a step as a scalable, recurring income stream beyond its traditional contract-based operation.
While the group firmly anchor its main offerings – plant maintenance and turnaround and engineering, purchase, construction and commission – it is now making its portfolio comprehensive to include fare services for crane, skylifies and small lorry.
The diversification gained momentum after a recent signature of a master’s service agreement with Petroleum Nasal BHD (Petronas), covering several subsidiaries including Petronas Chemicals Group BHD, Petronas Gas BHD and Petronas Chemicals Fertilizer Kedah SDN BHD.
“This is an asset-befed section, but it’s one we are assuring,” Niproserv CEO Mohammad Nizam Yakub today said at a press conference after the company’s listing on Ace Market, Barsa Malaysia.
“The rental business offers recurring income, and we are targeting strong demand in peninsular Malaysia.”
Enproserve currently holds 33 long -term contracts, mainly with Petronas and its subsidiaries, extended through 2029. Its special attention to downstream operations offers insulation degrees from the instability of crude oil prices.
“The maintenance of the plant will never stop. These are statutory requirements,” said Azman Yusoff, the managing director of the group.
“Unlike upstream operations, which may decrease during low oil prices period, downstream plants should remain on-and this means that the ongoing maintenance is non-revolutionary.”
This flexibility has enabled Nopruswa to become one of some “net-play” downstream service providers listed on local bors. This top position analysts believe that institutional investors can attract interest in the near future.
The current operation of the group depicts Johor, Malacca, Teranganu and its cyberjaya headquarters.
While Eastern Malaysia is not on its immediate roadmap, Azman said, the company remains open for expansion, the right partner or opportunity should arise.
He said, “Now, we are focusing on 2027 Pengrying Integrated Complex (Pic) Turneounds. This requires more than one year of preparation, and we don’t want to make ourselves too thinner,” he explained.
Enprosev opened in 26 Sen at the beginning of its market today, traded in the initial bell with two Sen, 5.31 million shares above the price of 24 Sen’s initial public offering (IPO). It closed up to 26.5 Sen, 2.5 Sen or 10.4% IPO price at a volume of 75.849 million shares.
The IPO raised RM50.4 million, which was placed for RM23.7 million capital expenditure, including the purchase of cranes, forklifts and other heavy machinery. These assets will support internal operations and will be made available for rent.
“We didn’t expect the price of this morning to rise, but given the spirit of the current market, but it shows that investors are confident in our direction,” Azman said. “We feel relieved and optimistic.”
While the group has not yet a formal dividend policy, Azmann confirmed that one would be “eventually” introduced, especially in terms of future transfer in the main market.
Meanwhile, Enproserve is positioning himself as a prominent player in Malaysia’s largest plant turnaround project-a picture in Uhor. The complex is described by Azman as “the greatest” in South East Asia, and the 2027 turnaround scale is expected to contribute significantly to the group’s revenue.
Although the exact figures are subject to unit-by contracts, Azmann has described the opportunity as “much larger than what we are in the present”, and an integrated plan requires an entire year of integrated plan.
“We are already gathering internal resources and preparing our teams to ensure an easy execution,” he said.
“This is not just another task – this is the largest plant turnaround in Malaysia.”
With more than two decades of experience, Enproserve is licensed through standardized work and equipment category codes by Petronas, and has been registered as a grade G7 contractor with the construction industry development board, which is capable of unlimited value projects.
As Malaysia’s oil and gas and petrochemical sectors prepare for the expansion of cyclic maintenance and capacity, the combination of Noproserva’s top expertise, deep customer relationships, and fresh capital keeps a strong position to ride the region’s growth wave from its IPO.
“We believe in organic development. And right now, both of us are both important and attainable,” Azmann said.
