KUALA LUMPUR (Dec 15): Deleum Bhd said Petroliam Nasional Bhd (Petronas) has lifted its suspension against the group's indirect subsidiary Deleum Technology Solutions Sdn Bhd (DTS).
DTS — which was formerly known as Deleum Primera Sdn Bhd — received a letter from Petronas stating that the uplift was effective from Monday (Dec 12), said Deleum in a bourse filing.
"DTS is required to submit an application to renew its licence for a period of one year in accordance with Petronas Licensing & Registration requirements, and subject to compliance with other terms and conditions imposed by Petronas," added Deleum.
The group expects the uplift of the suspension to improve its future prospects.
On March 26, 2021, DTS was suspended from participating in the national oil company’s tender and contracts amid reports of alleged unethical and integrity issues from the company, linked to operations of Petronas Carigali Sdn Bhd.
Two senior executives of DTS were investigated by the Malaysian Anti-Corruption Commission in December 2020 over an alleged illegal scheme.
However, DTS was allowed to complete its existing and on-going contracts with Petronas and its subsidiaries.
Deleum posted a net profit of RM11.8 million for its third quarter ended Sept 30, 2022 versus a net loss of RM639,000 in the same quarter last year.
Quarterly revenue increased 2.6% to RM141.2 million from RM137.5 million due to higher sales activities in the oilfield services and integrated corrosion solutions segments, but it was offset by lower sales from the power and machinery segment.
Deleum’s share price fell one sen or 1.11% to 89 sen on Thursday, with a market capitalisation of RM357.38 million.
Source: TheEdge - 16 Dec 2022
