KUALA LUMPUR, Jan 22 — Sapura Energy Bhd (Sapura Energy) has raised about RM4.0 billion from its rights issue exercise which closed on Jan 16, 2019.The group received 8.138 billion of valid acceptances and excess applications for its rights shares…
KUALA LUMPUR: Affin Hwang Investment Bank Bhd (Affin Hwang) is eyeing to achieve RM50 million in securities lending book size this year following the official launch of the Retail Securities Borrowing and Lending (Retail SBL) programme. Affin Hwang, in collaboration with Bursa Malaysia Bhd (Bursa Malaysia), launched its Securities Borrowing and Lending (SBL) for retail […]
KUALA LUMPUR (Jan 11): Perisai Petroleum Teknologi Bhd will be suspended from trading effective Jan 22 after the stock exchange rejected the group’s proposed regularisation plan. The Practice Note 17 (PN17) company will be delisted from the Main Market of Bursa Malaysia on Feb 13 unless Perisai appeals against the exchange’s decision before Feb 10. “In the event Perisai submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of Perisai from the official list of Bursa Securities shall be deferred pending the decision on the company’sRead More
PETALING JAYA: Trading in the securities of Perisai Petroleum Teknologi Bhd will be suspended from Jan 22 following the rejection of its proposed regularisation plan.
In a filing with Bursa Malaysia, Perisai said its securities will be delisted on Feb 13 unless an appeal against the rejection of the regularisation plan and delisting is submitted on or before Feb 10.
If Perisai submits an appeal to Bursa Securities within the appeal timeframe, the delisting on Feb 13 will be deferred, pending the authority’s decision on the company’s appeal.
The company triggered the Practice Note 17 (PN17) criteria as it defaulted on debt repayment.
In May last year, it announced plans to cancel off accumulated losses, issue shares and irredeemable and redeemable unsecured loan stocks to settle debt and a rights issue to raise funds.
The proposed plans were to enable it to focus its business on the oil drilling rig and the floating production, storage and offloading unit, Perisai Kamelia, as part of its business rationalisation exercise.
PETALING JAYA: SC Estate Builder Bhd’s net loss has widened in the third quarter ended Oct 31, 2018 to RM913,000, from RM855,000 in the previous corresponding quarter due to the one-off expenses incurred for the rights issue.
Revenue for the quarter declined 23% to RM1.57 million, compared with RM2.03 million in the same period last year.
This was due to business from the trading of aluminium and machines parts that has been inactive despite there was an increase in the revenue generated from the construction/project management segment and the trading of building materials segment, the group said in a Bursa Malaysia filing.
For the nine months period, its net loss narrowed to RM1.74 million, from RM1.8 million a year ago, while revenue plunged 57% to RM5.97 million, against RM13.87 million previously.
On its prospects, the group said although it is cautious about the current challenges in the construction industry, it will continue to seek ways to improve its financial performance for the current financial year.
Currently, the group said it is focusing on its efforts to complete the existing construction contract in hand and will continue to secure more contract to replenish its order book as well as to improve the group’s overall performance.
The current construction project is progressing within expectation, it added.
KUALA LUMPUR: The Malaysian Rubber Glove Manufacturers Association (Margma) has come to the defence of its members in light of recent media reports on the issue of foreign workers’ rights in Malaysia. Margma in a statement yesterday also provided explanation on the issues raised in the media, among others, worker’s passports, agent fees, overtime work […]
KUALA LUMPUR, Dec 6 — Sapura Energy Bhd narrowed its net loss to RM31.09 million for the third quarter (Q3) ended October 31, 2018, from RM274.41 million in last year’s corresponding period. Revenue rose by 17 per cent to RM1.50 billion for the…
PETALING JAYA: Sapura Energy Bhd’s shareholders voted in favour of a proposed rights issue that would raise up to RM4 billion at its EGM yesterday.
“We are humbled by the support from our shareholders. The positive results indicate that shareholders are now fully conversant with the group’s growth prospects, which will bring greater returns and benefits in time,” president and group CEO Tan Sri Shahril Shamsuddin said.
At the EGM, shareholders passed all six resolutions in conjunction with the proposed rights issue, including the resolution that called for an exemption for Permodalan Nasional Bhd (PNB) to make a mandatory takeover offer in view of its enlarged shareholding.
During the meeting, PNB reconfirmed its support to subscribe in full to its rights shares with free warrants entitlement as well as excess rights shares, which may result in it having a 40% shareholding of the group’s enlarged share capital post-rights issue.
Proceeds from the rights issue and a proposed strategic partnership with Austria-based OMV will be used to repay the group’s borrowings and for working capital.
Upon completion of both exercises, the group’s borrowings will be reduced to RM9.8 billion from RM16.4 billion as at Jan 31, 2018. Gearing ratio will be reduced from 1.74 times to 0.62 times.
The group is also expected to benefit from savings in finance cost of about RM320 million.
SERI KEMBANGAN: Sapura Energy Bhd is in talks with international firms for a potential strategic partnership for its drilling business.
Speaking to reporters at its EGM today, president and group CEO Tan Sri Shahril Shamsuddin said they are discussions with several partners.
He said the potential partnership will be similar to the recently signed OMV deal, under which it is selling 50% stake of its exploration and production subsidiary to OMV AG.
On how much it intends to dispose, Shahril said it would depend on the price and quality of the potential partner.
The group currently has 16 assets under its drilling business with a utilisation rate of 35%. Shahril said these assets are “young” with an average of 15 to 20 years to go.
Earlier at the EGM, shareholders approved its plans for a rights issue to raise RM4 billion.