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| News Coverage
The jobs are for the fabrication of offshore oil and gas structures - the company's core business - in Indonesia, Managing Director Arshad Ahmad said. "The first result should be known by the second quarter, while the other one is expected by the third quarter," Arshad told reporters after Ramunia's listing ceremony in Kuala Lumpur yesterday. Ramunia's stock was well-received on Bursa Malaysia, ending its maiden trading day at 71 cent for a 21-cent premium over its initial public offering price of 50 cent amid a generally bearish market. With 25.51 million shares traded it was also the most active counter yesterday. Ramunia, an oil and gas engineering and heavy-fabrication group, has jobs totaling RM120 million and is bidding for about RM1 billion more, locally and abroad. It also expects to form a joint venture soon to manufacture heavy equipment for a European firm at its yard in Teluk Ramunia in Johor. "We are in the final stage of negotiations, which also include another local party. We are looking at having a majority stake of 51 percent in the tripartite joint venture," Arshad said. The venture will cater to the local market and regional and West Asian countries. It may bring in revenue of RM10 million in the first year, with a 50 per cent annual increase thereafter. Ramunia owns Ramunia Fabricators Sdn Bhd, one of the country's top three fabricators, and the Teluk Ramunia Yard on the southern tip of Johor. Ramunia Fabricators build major steel structures and provide engineering and offshore marine services. Arshad said Ramunia's forecast turnover of RM193 million for the year ending October 2005 is within reach. The company is also planning to expand its marine support services. It will set aside not more than RM10 million to buy several vessels.
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