PUTRAJAYA, Oct 23 — Carimin Petroleum Bhd, en route for listing on the Main Market of Bursa Malaysia on Nov 10, 2014, aims to raise RM66.8 million from the initial public offering (IPO), said managing director, Mokhtar Hashim.

He said of the proceeds, RM35.3 million would be used for the purchase of an accomodation workboat, which would be named Carimin Acacia, upgrading of the group’s fabrication yard in Kemaman (RM12 million), repayment of bank borrowings (RM8 million), working capital (RM8 million) and to defray listing expenses (RM3.5 million).

“The Carimin Acacia, the group’s third offshore support vessel equipped with a crane and other supporting equipment and fittings, will be delivered in June 2015,” he said at the launch of the IPO prospectus here today.

Mokhtar said the company, a provider of offshore oil and gas support services, has submited bids for a few jobs worth RM800 million, all from multinational oil companies operating in Malaysia.

The IPO entails a public offering of 60.7 million new ordinary shares and an offer-for-sale of RM5.89 million vendor shares at RM1.10 apiece.

Of the public issue of 60.7 million new ordinary shares, 11.7 million shares would be made available for application by the Malaysian public; three million shares would be allocated to eligible directors and employees of the group and 46 million shares would be allocated through private placement to identified investors. — Bernama