E.A. Technique (M) Bhd (EATech), a Main Market-listed marine transportation and offshore storage outfit, has reached an amicable understanding with Vestigo Petroleum Sdn Bhd on matters related to their past contractual arrangements.
The fulfilment of obligation under the mutually agreed arrangement between Vestigo and EATech reinforces EATech’s operational continuity while resolving past contractual arrangements.
Accordingly, the cash inflow from the fulfilment of obligations provides an immediate boost to EATech’s liquidity by supporting its endeavour to drive the execution of its strategic turnaround plan.
This also aligns with the group’s on-going efforts to enhance financial stability and foster sustainable growth.
The positive outcome of this resolution reflects the strong professional relationship between EATech and Vestigo which re-affirmed the latter’s position as a strategic ally to Malaysia’s maritime and energy sectors.
‘Vestigo and EATech have both demonstrated shared commitment through this resolution and remain dedicated to fostering strong collaborative relationships,” reiterated EATech’s executive director Datuk Wira Mubarak Hussain Akhtar Husin.
“Most importantly, we aim to support each other in unlocking greater potential within the industry. This pursuit of mutual understanding highlights our focus on establishing a lasting partnership as we continue to enhance our capabilities and explore future opportunities.”
This resolution allows EATech to fully focus on its core business areas, including marine transportation, offshore storage and port marine services.
With sustained financial strength and a clear strategic direction, EATech is poised to capitalise on opportunities across its diverse portfolio while maintaining robust relationships with its partners and stakeholders.
It is worth recapping that EATech had on Dec 30 unveiled plans to adopt a new corporate identity as part of its strategic growth.
Aligned with the group’s expectations to uplift its Practice Note 17 (PN17) status by 1Q 2025, the exercise entails a new change to Avangaad Bhd which is derived from “Avante” which means “moving forward” in Latin and a twist on “Vanguard” that symbolises the group’s strategic advancement.
At 3.45pm, EATech was unchanged at 20 sen with 2.2 million shares traded, thus valuing the company at RM398 mil. – Jan 7, 2025
