Propel Global’s Daya Materials listing takeover to support expansion plans


PROPEL Global Bhd is confident that its takeover of the listing status of Daya Materials Bhd today will support the expansion plans for both the oil and gas (O&G) and building technical services businesses that the group is acquiring from Daya Materials. 

Propel Global group CEO Angeline 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,” she said in a statement to Bursa Malaysia. 

Citing the US Energy Information Administration’s Short-Term Energy Outlook report, the company said Brent oil is expected to trade at an average of US$108 (RM470.88) a barrel in the second quarter of this year and US$102 on average in the second half of 2022. 

Lee said the group will continue to concentrate on expanding its existing well intervention and pipe recovery business by training field engineers to deliver a wider range of downhole well technology solutions for clients. 

“Over the mid-term, we are looking to venture into the wireline business as this will make us more competitive in the plug and abandonment as well as the decommissioning programmes for both downstream and upstream facilities. 

“We also see more opportunities opening up for the building technical services business as foreign multi-national companies investing in Malaysia set up their plants and facilities. 

“We intend to leverage on the synergy from our construction and project management technical services as well as heating, ventilation and air conditioning operation and maintenance services to grow the building technical services business,” she added. 

Propel Global also has 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. 

Propel Global will trade under the stock name PGB and stock code 0091 from today on the Main Market of Bursa Malaysia. 

The listing of Propel Global follows the approval by shareholders at an EGM on Jan 21, 2022 of a regularisation plan for Daya Materials that had been proposed on Dec 31, 2020.