PFCE hopes to be profitable after RTO (7165)

PFCE Bhd (formerly known as APP Industries Bhd) hopes to be able to be profitable next year after the completion of a reverse takeover (RTO) exercise this year, which is expected to transform
PFCE into one of the leading players in the oil and gas industry.

The RTO will involve the injection of PFC Engineering Sdn Bhd, a locally established Bumiputera group of companies offering integrated engineering services for the oil and gas industry into PFCE.

The ultimate shareholders of PFC Engineering, namely Datuk Abu Talib Mohamed and Muammar Gadaffi Abu Talib, who are both major shareholders of PFC Engineering and members of the board of directors of PFCE are embarking on a RTO exercise of PFCE, which is currently involved in the ceramics manufacturing business.

Speaking to reporters here, PFCE's chief executive officer, Datuk Lawrence Lim said the RTO will provide value to shareholders as PFCE aims to turn around its ceramics manufacturing business and focus on opportunities in the oil and gas industry.

He said after the RTO, oil and gas will be a major contributor to the business of PFCE.

PFCE has been in losses since 2007.

Meanwhile, Abu Talib who is also PFC Engineering's executive chairman, said PFC Engineering is currently bidding for jobs worth RM5 billion in the oil and gas sector in Malaysia.

"Currently, the group has an outstanding order book of RM1.1 billion for oil and gas projects in Malaysia," he said.--BERNAMA