Marine transportation and offshore storage company EA Technique (M) Bhd expects its proposed name change to Avangaad Bhd to be finalised by the first quarter of 2025, subject to shareholder consent and regulatory clearances.

KUALA LUMPUR (Dec 30): Marine transportation and offshore storage company EA Technique (M) Bhd (KL:EATECH) has proposed to change its name to Avangaad Bhd.

In a bourse filing on Monday, it said that this transition is expected to be finalised by the first quarter of 2025, subject to shareholder consent and regulatory clearances.

A circular with details of the proposed change will be sent to shareholders in due course, it added.

“We are confident that this new identity will resonate deeply with our shareholders, customers, and partners as we enter this new phase of development,” Datuk Wira Mubarak Hussain Akhtar Husin, executive director of EA Tech said in a statement.

The Johor Corp-linked EA Tech completed its restructuring last year, through vessel sales, equity fundraising of RM79.5 million, and a 70% haircut to RM275 million in liabilities owed to Johor Corp.

The group fell into Practice Note 17 in 2022 after its balance sheet and earnings were affected by hiccups in delivering a floating production offloading vessel to Malaysia Marine and Heavy Engineering Bhd (KL:MHB).

EA Tech specialises in chartering various types of tankers for oil and gas transportation and offshore storage, marine tug vessels for port marine services, and offshore support vessels, including fast crew boats for transporting personnel and light cargoes between shore, platforms, and other offshore facilities.

Additionally, it operates a shipbuilding, ship repair, and fabrication division, further solidifying its position in the shipping and maritime industry.

At the time of writing, EA Tech shares was down half a sen or 1.7% at 29 sen, valuing the company at RM384.6 million. Year to date, the stock retreated 10.77%.