Uzma to explore collaborations with Finnish firm ReOrbit in space satellite solutions

KUALA LUMPUR (June 28): Energy and technology solutions provider Uzma Bhd (KL:UZMA) has teamed up with Finnish space technology start-up ReOrbit Oy to explore and develop collaborative efforts in space satellite solutions.

ReOrbit is focused on small satellite manufacturing and flight software and its associated technology development for the global space industry.

In a filing with Bursa Malaysia on Friday, Uzma said it has entered into an expression of interest (EOI) with ReOrbit to explore the utilisation of a satellite assembly, integration and test facility in Malaysia and launching of a satellite.

The two companies will also jointly identify marketing and distribution opportunities of ReOrbit’s space satellite solutions in Southeast Asia on an exclusive basis to Uzma, subject to the parties agreeing on the exclusivity terms and conditions.

Uzma said the EOI, which will be valid for 180 days, is non-binding in nature and merely represents the parties’ present intention.

"The EOI is not expected to have any immediate material effect on the group's earnings per share, net assets per share, gearing, share capital and shareholding structure for the financial year ending June 30, 2024," it added.

Uzma shares closed down one sen or 0.87% at RM1.14 on Friday, giving it a market capitalisation of RM441.4 million. A total of 709,600 shares changed hands. Uzma’s share price has risen 52% year to date.