KUALA LUMPUR: Propel Global Bhd is confident that the new corporate structure and cash reserve arising from a regularisation plan will support expansion plans for oil and gas (O&G) and building technical services businesses.

       Propel is taking over the listing status of Daya Materials Bhd on April 28. It will trade under the stock name PGB and stock code 0091 on the Main Market of Bursa Securities Malaysia Berhad.

       The listing of Propel Global follows the approval by shareholders at an extraordinary general meeting (EGM) on Jan 21 of a regularisation plan for Daya Materials that had been proposed on Dec 31, 2020.

       Group chief executive officer Angeline Lee said: “We would like to thank stakeholders for keeping the faith with us on the corporate exercises that will conclude with the listing of Propel Global.”

       “We have seen the private placement representing 41% of our outstanding shares fully taken up by prominent investors and industry veterans.

       “As a result of the funding from the private placement, Propel Global has a healthy cash balance and minimal debt as the gearing ratio has been reduced to 0.6 times,” she said.

       Lee said the group is actively exploring opportunities in the O&G industry especially in Sabah and Sarawak.

       “High crude oil prices will encourage more investments into the industry, especially from oil majors. The country’s borders reopening will spur business activities and therefore demand for oil and gas.”

       Propel Global also has mid-to-long-term plans to venture into sustainable development and digital technology as part of the group’s transition to a zero-carbon business focus that includes renewable energy and electrification.