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Saturday, July 27, 2013

Ranhill IPO Withdraw and money refund

First the news said one of the related company licence got suspended, the IPO postpone or delay. Then I thought I saw reinstate, maybe saw wrongly. Now is withdraw.

KUALA LUMPUR (July 26): Ranhill Energy and Resources Bhd announced that it has decided to withdraw its initial public offer (IPO) application and not to proceed with the exercise in light of recent negative developments.

It said all monies of investors/applicants who have subscribed to the IPO would be refunded, without interest.

In a late press release, the oil and gas player said: “Given recent events and after consulting the Principal Adviser…, the board of directors of the company has decided to withdraw the application for the IPO which was submitted to the Securities Commission Malaysia (SC) on Jan 14, 2013, and not to proceed with the IPO.”

It added that the SC has required Ranhill and Maybank Investment Bank to ensure all application/placement monies received from the applicants/investors are duly refunded in a timely and orderly manner.

In its IPO, Ranhill had offered for sale of up to 407,000,000 ordinary shares of RM1.00 each in the company and had planned to list its entire 961,700,000 shares of RM1.00 each on the Main Market of Bursa Malaysia Securities on July 31.

But unfortunately, a news broke this week on the suspension of the licence issued by Petroliam Nasional Berhad (PETRONAS) to Perunding Ranhill Worley Sdn Bhd (PRW), an affiliate of Ranhill.

This development had derailed its entire listing plan after launching its IPO.

And although yesterday, the company received a letter from PETRONAS stating that PETRONAS had agreed to uplift the suspension of PRW in upstream activities, the suspension for downstream activities stays.

With all these developments, no one would dare to guarantee the share performance of Ranhill on July 31 if it goes ahead with its listing debut.

Source: The Edge.

More info on RANHILL, here.
http://politemarket.blogspot.com/search/label/Ranhill

More info on IPO, here.
http://politemarket.blogspot.com/search/label/IPO

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Saturday, July 20, 2013

Hua Yang, Zhulian and Sona Petroleum IPO

Hua Yang recently announced quarterly financial result, not so good. But this is expected by the analysts. The sales and profit will pick up later.

Hua Yang PE ratio not high and with reasonable growth and dividend. Will hold.

Kenanga recommend buy, with Hua Yang share price target of RM3.88

Sona Petroleum IPO Balloting Result Table oversubscribed.

Sona Petroleum IPO oversubscribed 5.97 times.

If apply public 1,000 shares, the chances are 11.66%.

1,000    11.66%
10,000    15.91%
100,000  19.72%

The Bumiputra portion:
1,000    34.88%
10,000   38.13%
100,000  59.66% 

Zhulian recently annouced quarterly financial result. Normal. No info, HwangDBS say hold.

For more information on recent IPO, here.
http://politemarket.blogspot.com/search/label/IPO

For information on Sona Petroleum, here.
http://politemarket.blogspot.com/search/label/Sona%20Petroleum

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Wednesday, July 17, 2013

Ranhill Energy and Resources Bhd IPO Balloting Result Table oversubscribed

Ranhill IPO oversubscribed 12.98 times. If you look at the subscription rate, chances of striking the IPO is very low. Saw from web site that if apply public 1,000 shares, the chances are 2.78% only.

1,000    2.78%
2,000     3.75%
3,000    4.89%
5,000    5.94%   get 4,000 shares only
10,000    6.75%   get 6,000 shares only
20,000  8.98%
100,000   36.36%.  get 60,000 shares only

The Bumiputra portion:
1,000    13.86%
20,000   19.71%
50,000  54.29%
100,000  74.65%   get 60,000 shares only

More info on Ranhill IPO here.
http://politemarket.blogspot.com/2013/07/ranhill-energy-and-resources-berhad-ipo.html

More info on IPO here.
http://politemarket.blogspot.com/search/label/IPO

Malaysian Issuing House Sdn Bhd ("MIH") is pleased to announce that the Ranhill's initial public offering ("IPO") to the Malaysian Public ("Public Retail Offering") comprising 19,235,320 new Shares has been oversubscribed and balloting of successful applications was conducted yesterday afternoon.

The institutional offering of up to 328,721,680 IPO Shares to Malaysian and foreign institutional and selected investors, including Bumiputera investors approved by the Ministry of International Trade and lndustry ("MITI") has closed.

The Institutional Price has been fixed at RM1.85 per Share on 15 July 2013. Accordingly, the final retail price is fixed at RM1.85 per Share.A total of 21,840 applications for 268,971,600 lssue Shares were received from the Malaysian public for a total of 19,235,320 lssue Shares available under the Public Retail Offering, representing an oversubscription rate of 12.98 times.

Notices of allotment for the Shares will be mailed to successful applicants at the address last maintained with Bursa Malaysia Depository Sdn Bhd, at such successful applicants' own risk, on or before July 30,2013.

Source: Bursa Malaysia

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Thursday, July 11, 2013

Ranhill Energy and Resources Bhd IPO Share Price Target

Few fair value from different brokers on this Ranhill IPO. TA Securities said they gives Ranhil fair value at RM2.14, based on target PE Ratio of 13x. The target multiple was derived after applying 1x premium over 12x CY14 average PER of other water related companies.

They believe the premium is justifiable given RERB’s superior dividend yield as well as the IPP exposure. The stock has also attracted credible cornerstone investors, which collectively own 12.3% stake in RERB.

They said growth meanwhile will emanate from the overseas water assets, particularly in China. They view RERB as an attractive dividend play, with potential yield of close to 5%, based on their earnings forecast and IPO price of RM1.85.

Ranhill target to have dividend pay-out ratio of 60% of earnings as dividends in FY14. The Ranhill dividend yield is about 3% plus and may increase if the payout ratio increase and/or earnings increase.

Long term dividend payout target is 50% - 70%, depending on capex requirement and new capital investment commitments.

Kenanga gives Ranhill FV RM1.90

According to The Edge, Affin gives Ranhill sum-of-parts fair value of RM2.06 to RM2.23.

 

More info on Ranhill IPO here.

http://politemarket.blogspot.com/2013/07/ranhill-energy-and-resources-berhad-ipo.html

 

 

More info on IPO here.

http://politemarket.blogspot.com/search/label/IPO

 

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Tuesday, July 9, 2013

ABM Fujiya IPO oversubscribed 9.77 times

ABM FUJIYA BERHAD INITIAL PUBLIC OFFERING OF 32,000,000 ORDINARY SHARES OF RM0.50 EACH AT AN ISSUE/OFFER PRICE OF RM0.60 PER SHARE PAYABLE IN FULL UPON APPLICATION IN CONJUNCTION WITH ITS LISTING ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD

Malaysian Issuing House Sdn Bhd ("MIH") is pleased to announce that the ABM Fujiya Berhad ("ABM Fujiya") Public lssue under which 10,500,000
 Shares were made available for applications by the Malaysian Public has been oversubscribed and balloting of successful applications was conducted this afternoon.

A total of 6,167 applications for 113,064,200 Public lssue Shares were received from the Malaysian Public for a total of 10,500,000 Shares available for public subscription, which represent an oversubscription rate of 9.77 times.

All Notices of Allotment for these Shares will be mailed to successful applicants on or before July 22, 2013.

Source: Bursa Malaysia

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Friday, July 5, 2013

SONA PETROLEUM IPO

Worth to apply?

Opening of application
05/07/2013

Closing of application
12/07/2013

Balloting of applications
17/07/2013

Allotment of IPO shares to successful applicants
26/07/2013

Tentative listing date
30/07/2013

SONA PETROLEUM BERHAD IPO.

INITIAL PUBLIC OFFERING OF UP TO 1,100,000,000 NEW ORDINARY SHARES OF RM0.01 EACH IN SONA PETROLEUM BERHAD (FORMERLY KNOWN AS TITANIUM WINDFALL SDN BHD) (“SONA PETROLEUM”) (“SHARES”) (“PUBLIC ISSUE SHARES”), TOGETHER WITH UP TO 1,100,000,000 FREE DETACHABLE WARRANTS (“WARRANTS”) ATTACHED ON THE BASIS OF ONE (1) WARRANT TO
 EVERY ONE (1) PUBLIC ISSUE SHARE, AT AN ISSUE PRICE OF RM0.50 PER PUBLIC ISSUE SHARE AND ATTACHED WARRANT, IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE SHARES AND WARRANTS ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD, COMPRISING:

(I) THE RETAIL OFFERING OF 141,000,000 PUBLIC ISSUE SHARES TOGETHER WITH 141,000,000 ATTACHED WARRANTS TO THE MALAYSIAN PUBLIC; AND

(II) THE INSTITUTIONAL OFFERING OF UP TO 959,000,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 959,000,000 ATTACHED WARRANTS BY WAY OF PLACEMENT TO SELECTED INVESTORS, COMPRISING:

- UP TO 176,340,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 176,340,000 ATTACHED WARRANTS TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY; AND

- UP TO 782,660,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 782,660,000 ATTACHED WARRANTS TO MALAYSIAN INSTITUTIONAL AND SELECTED INVESTORS AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS,

SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS.

Source: Bursa.

=============

From The Star
Published: Friday July 5, 2013 MYT 12:00:00 AM
Updated: Friday July 5, 2013 MYT 2:21:31 PM
PETALING JAYA: Sona Petroleum Bhd’s initial public offering (IPO) has garnered a significant amount of interest from the private banking clients of the two main investment banks handling the listing, according to sources.
Clients of CIMB Investment Bank Bhd and RHB Investment Bank Bhd showed interest for a combined RM3bil in the RM550mil IPO, bankers said. Most of this came from high net-worth individuals as well as some institutions.
Many institutional funds are not mandated to invest in SPACs, or special-purpose acquisition companies, which have no operations or income-generating business at the point of their IPO but undertake a listing for the purposes of acquiring operating companies or assets.

Sona Petroleum would be the third SPAC to be listed on Bursa Malaysia, one of the few exchanges in the world that allow for the listing of these vehicles.
It is also understood that some of the demand had come from overseas individuals such as in Singapore and Hong Kong.
Investors were drawn to Sona Petroleum because of the strength of its management team and also the success of the previous two SPAC listings, industry sources said.

Hibiscus Petroleum Bhd and CLIQ Energy Bhd, which, like Sona Petroleum, are focused on the exploration and production (E&P) of oil and gas, have seen their share prices appreciate considerably since debuting on the market.

Another aspect of Sona Petroleum’s listing that helped boost demand, noted bankers, was the strict moratorium imposed on its promoters.

“The promoters are under a moratorium until Sona Petroleum’s acquired asset starts producing,” a source said. “That’s pretty onerous. It promotes confidence,” said one banker.
Aside from high net-worth individuals, several institutional investors are understood to have expressed interest for shares in Sona Petroleum, even though fund managers do not typically put money into SPACs due to their high-risk nature.

StarBiz reported last week that Sona Petroleum was close to securing at least two cornerstone investors, namely Hong Kong hedge fund Segantii Capital and a unit of banking tycoon Tan Sri Quek Leng Chan’s Hong Leong group.
As is required of SPACs, Sona Petroleum intends to use 90% of its IPO proceeds, or RM495mil, to purchase the qualifying asset. The remaining 10% of the money will be set aside for working capital.

According to its draft prospectus, Sona Petroleum is keen on small- to medium-sized E&P assets in the exploration, development or production phases across South-East Asia, the Middle East and selected countries on the African continent.

Post-listing, the management will hold 20% of the firm’s enlarged share base, the public and institutions 78% and initial investors 2%.
Sona Petroleum’s retail offering, which will make up a small percentage of the 1.1 billion shares it is floating, begins today. The company is scheduled to list on July 30.

===================
Will post more if have any research analysis.


For more information on recent IPO, here.
http://politemarket.blogspot.com/search/label/IPO

For information on Sona Petroleum, here.
http://politemarket.blogspot.com/search/label/Sona%20Petroleum



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Thursday, July 4, 2013

RANHILL ENERGY AND RESOURCES BERHAD IPO

Let us look at the dates first.

Opening of application
04/07/2013

Closing of application
11/07/2013

Balloting of applications
15/07/2013

Allotment of IPO shares to successful applicants
29/07/2013

Tentative listing date
31/07/2013

INITIAL PUBLIC OFFERING OF UP TO 407,000,000 ORDINARY SHARES OF RM1.00 EACH IN RANHILL ENERGY AND RESOURCES BERHAD (“RANHILL”) (“IPO SHARES”) IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE ENTIRE 961,766,000 ORDINARY SHARES OF RM1.00 EACH IN RANHILL (“SHARES”) ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING AN OFFER FOR SALE OF UP TO 77,000,000 EXISTING SHARES (“OFFER SHARES”) AND A PUBLIC ISSUE OF 330,000,000 NEW SHARES (“ISSUE SHARES”) INVOLVING:

(I) INSTITUTIONAL OFFERING OF UP TO 328,721,680 IPO SHARES TO MALAYSIAN AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS, INCLUDING BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”); AND

(II) RETAIL OFFERING OF 78,278,320 ISSUE SHARES TO THE ELIGIBLE DIRECTORS AND EMPLOYEES OF RANHILL AND ITS SUBSIDIARIES (“RANHILL GROUP”), PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF THE RANHILL GROUP AND THE MALAYSIAN PUBLIC, AT THE RETAIL PRICE OF RM1.85 PER SHARE (“RETAIL PRICE”), PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE BETWEEN THE RETAIL PRICE AND THE FINAL RETAIL PRICE (AS DEFINED HEREIN), IN THE EVENT THAT THE FINAL RETAIL PRICE IS LESS THAN THE RETAIL PRICE,

SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AND THE OVER-ALLOTMENT OPTION (AS DEFINED HEREIN). THE FINAL RETAIL PRICE WILL BE EQUAL TO THE LOWER OF (I) THE RETAIL PRICE; OR (II) THE INSTITUTIONAL PRICE.

Source: Bursa Malaysia

=============================


This is an outdated news for reference, before I gather more latest information on the IPO.
Published: The Star, Monday January 21, 2013 MYT 11:41:00 AM

KUALA LUMPUR: Ranhill Energy and Resources Bhd, a Malaysian energy and water company, is expected to list on the local stock exchange by the second quarter of this year in a deal that will likely raise more than 1 billion ringgit ($332 million), two sources close to the deal told Reuters.

The initial public offering could be among the first after a general election that Malaysian Prime Minister Najib Razak must call by the end of April. The IPO pipeline in the Southeast Asian country has slowed ahead of the election because of concerns about market volatility, analysts and investment bankers have said.

"Second quarter at the latest, but it depends on the elections," said one of the sources, who declined to be named because the matter was private.

Ranhill Energy officials were not immediately available to comment.

Ranhill Energy, which counts its president and chief executive, Hamdan Mohamad, and regional investment fund Cheval Infrastructure Fund LP among its shareholders, provides engineering services for the onshore and offshore oil and gas, refinery and petrochemical industries.

It also owns and operates two 190-megawatt combined-cycle gas fired turbine power plants in the west Malaysian state of Sabah, and was awarded an exclusive licence by the government to provide source-to-tap water supply services in Johor, the second most populous state in the country.

Ranhill Energy will use about 70 percent of the IPO proceeds to redeem Islamic notes and bonds, 19.1 percent to pay off company acquisitions, 7.1 percent to expand its water business in China, and the rest for listing expenses, according to a draft prospectus filed on Jan. 13.

The company has given no information on the amount of shares to be offered, the pricing, or a timeframe for the IPO.

Ranhill Energy is part of Ranhill Bhd, which was bought out by its management in 2011 for 90 sen per share, valuing the company's equity at 538 million ringgit ($179 million).

Maybank Investment Bank is the principal adviser for the IPO. CIMB Investment Bank and Maybank Investment Bank are the joint global coordinators and bookrunners. They are also the underwriters for the deal.
========================== 

By looking at the RANHILL ENERGY AND RESOURCES BERHAD IPO propestus, there may be lack of growth, but with steady income. Anyway, let me find out more research first and will post here.

Stock Code Stock Name RANHILL.


For more information on recent IPO, here.
http://politemarket.blogspot.com/search/label/IPO


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Monday, July 1, 2013

ABM FUJIYA IPO


The latest IPO is from ABM FUJIYA BERHAD.

Opening of application 28/06/2013

Closing of application 05/07/2013

Balloting of applications 09/07/2013

Allotment of IPO shares to successful applicants 19/07/2013

Tentative listing date 23/07/2013

Stock Code stock name is AFUJIYA


INITIAL PUBLIC OFFERING OF 32,000,000 ORDINARY SHARES OF RM0.50 EACH (“SHARES”) IN ABM FUJIYA BERHAD COMPRISING:-

(I) PUBLIC ISSUE OF 23,000,000 NEW SHARES COMPRISING:-

• 10,500,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;

• 8,000,000 NEW SHARES AVAILABLE FOR PRIVATE PLACEMENT TO SELECTED INVESTORS;

• 4,500,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE DIRECTORS, EMPLOYEES AND/OR BUSINESS ASSOCIATES OF ABM FUJIYA BERHAD AND ITS SUBSIDIARIES. AND

(II) OFFER FOR SALE OF 9,000,000 SHARES COMPRISING:-

• 7,000,000 SHARES AVAILABLE FOR PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY;

• 2,000,000 SHARES AVAILABLE FOR PRIVATE PLACEMENT TO SELECTED INVESTORS.

AT AN ISSUE/OFFER PRICE OF RM0.60 PER SHARE PAYABLE IN FULL UPON APPLICATION IN CONJUNCTION WITH THE LISTING OF ABM FUJIYA BERHAD
ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD.

Source: Bursa.


ABM Fujiya is a homegrown automotive battery manufacturer, I saw they were planning to list two years ago.

As usual, I will post more whenever I have more information on IPO ABM Fujija.


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