Ramunia: Ramunia which has sold its fabrication yard for mrm515 million cash to Sime Darby in 2010 intends to buy a smaller yard to continue its business in fabricating for O&G industry. It is looking for a new business. OilCorp agreed to accept an offer from Ramunia Holdings Bhd to acquire the Pulau Indah integrated fabrication yard for RM83.8 million from the former’s subsidiary Oilfab Sdn Bhd. Ramunia intends to continue its decade long history of fabricating offshore structures for the oil and gas industry at a strategically located and proven location. The proposed acquisition would enable it to take part in fabrication contracts under the Economic Transformation Programme (ETP) for the oil and gas sector. The proposed acquisition will bode well for Ramunia in its effort to maintain its position as a key player in this closed market segment where current barrier to entry is high.
However, the company said the proposal acquisition is subject to a definitive sale and purchase agreement and tenancy agreement between the two parties tomorrow (27 Jan 2011). The rm80 million of the purchase consideration would be settled via issue of new shares in Ramunia to Oilfab at an issue price of 51 sen each. The remaining rm3.8 million will be settled in cash. As part of the deal Oilfab would place out 50% f the shares to its specified places at the same issue price, upon which Ramunia shall issue the placement shares directly to such placees upon completion of the SPA. Meanwhile Oilfab would offer the remaining 50% of the consideration shares to the existing shareholders of Ramunia by way of a restricted offer for sale at the same issue price.
As at Oct 31, 2010, it has cash and cash equivalents of rm131 million without any borrowings.
Integarx: Harun Halim, who is said to be looking for a buyer for his stake in Integrax has been removed from the board of Lumut Maritime Terminal Sdn Bhd (LMT).
Mudajaya: The growth catalysts include the award of more projects from the 10MP and the ETP. The company is targeting more than rm1 billion worth of jobs primarily on the domestic alone. Mudajaya is also expected to be involved in the 1000MW extension of the Janamanjung and Tanjung Bin power plants which are targeted to start 2011 and the outcome is expected to be known in March 2011. Other rerating catalysts include the possibility of the latter securing the three Indian road projects each worth up to rm1 billion, from the National Highway Authority of India and the possibilities of its delayed ultra mega power plants of 4000MW each taking off earlier than expected.
To recap, it had regained investor favor three months after it was cleared of wrongdoing though still cautioned by the SC on the disclosure of transactions.
Mudajaya: 7.94 (CIMB), 7.44 (OSK), 6.54 (HLB)
SapRes: It has proposed to sell its current wholly owned education business to Ekuinas for rm102 million cash. As at Oct 31, 2010, it has cash pile of rm32.44 million. Its recent two divestments would raise an aggregate of rm151 million cash, which is expected to boost Sapura Resources’ coffers to some rm183 million upon completion of the divestment of part of its education business.
The company had earlier revealed its intention to either to look for new business or to expand its existing businesses to sustain its operation. It had also wanted to pare down its borrowings, which amounted to rm85 million as at Oct 31, 2010.
SapRes is 51% owned by Sapura Holding Sdn Bhd, the vehicle of Tan Sri Shamsuddin Abdul Kadir.
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