27 ANNUAL REPORT 2024 BUSINESS OVERVIEW (CONT’D) In 2018, we first obtained our Vessel Owner-Operator licence from PETRONAS with the SWEC code for AWBs. In 2022, we further obtained 3 additional SWEC codes for AHTS, PSV and Safety Standby Vessel. Our PETRONAS licence was last renewed in 2024 and is valid until 2027, when we expect to renew it again. In 2024, we were also appointed as one of the panel contract contractors for AWBs, AHTS and PSVs under PETRONAS’ Panel Contractor Contract (“PCC”). This appointment shall be valid for a period of 3 years effective from the date of appointment issued by the respective PACs to us unless earlier terminated. PETRONAS shall have the option to extend the duration of the appointment for a further period of 3 years. SWEC Code Description SWEC Code holder Panel Contractor 1 21121510S Provision of accommodation work/ construction boat/ barge, non-propelled accommodation/ construction/ barge Y Y 2 21121511S Provision of anchor handling tug/ AHTS/ tow tug boat Y Y 3 21121518S Provision of PSV Y Y 4 21121519S Provision of safety standby/ general purpose/ utility vessel Y N Our status as the PCC grants us the opportunity to participate directly in tenders issued by PCSB and PACs for AWBs, AHTS and PSV, thereby giving us a competitive advantage as there are only a limited number of companies in Malaysia which have such status. SUCCESSFUL LISTING OF OUR GROUP 2024 marked a significant milestone for Keyfield Group as we advanced to the next chapter of growth with our Company’s successful listing on the Main Market of Bursa Securities on 22 April 2024. Through the IPO, we raised gross proceeds of RM188.1 million, all of which have been fully utilised in FYE 2024. Details of the utilisation of proceeds from our IPO is as follows: - Utilisation of proceeds Time frame (months) Proposed utilisation (RM’mil) Actual utilisation (RM’mil) Status Redemption of cumulative redeemable non-convertible preference shares (“CRNCPS”) in Keyfield 1 61.5 61.5 Fully utilised Repayment of bank borrowings 3 3.0 3.0 Fully utilised Settlement of balance purchase consideration for Keyfield Wisdom 1 65.0 65.0 Fully utilised Settlement of balance purchase consideration for Keyfield Helms 1 1 35.0 35.0 Fully utilised Working capital 12 14.6 15.0 Fully utilised with another RM0.4 million re-allocated from estimated listing expenses Estimated listing expenses 1 9.0 8.6 The final total listing expenses is RM8.6 million, all of which has been utilised. The balance RM0.4 million have been reallocated to working capital Total 188.1 188.1 Fully utilised MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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