NST Online Business Times : latest
NST Online Business Times : latest |
| Ranhill Energy said to list by Q2 Posted: 20 Jan 2013 06:42 PM PST 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 RM1 billion, 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.
Ranhill Energy will use about 70 per cent of the IPO proceeds to redeem Islamic notes and bonds, 19.1 per cent to pay off company acquisitions, 7.1 per cent 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 RM538 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. -- Reuters
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| MARC affirms its rating on PLUSBHD Posted: 20 Jan 2013 06:39 PM PST Malaysian Rating Corporation Berhad (MARC) has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme. The rating outlook is stable. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source. The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad's standalone rating of AA based on MARC's assumption of full and timely government support with respect to the programme. Factors that support this assumption include the government's support and golden share in the concession company, the interdependence between default events for the rated sukuk and RM11.0 billion government-guaranteed sukuk (GG Sukuk) which matures after the Sukuk Musharakah Programme and NSE's function as a critical national transportation link. Accordingly, any signs of weakening support may have an adverse impact on the rating.
Owned by UEM Group Berhad and Employees Provident Fund Board via PLUS Malaysia Berhad, PLUS Berhad was incorporated to facilitate the purchase of all toll concessions previously held by the then-listed PLUS Expressways Berhad. The portfolio consists of five toll concessions, of which the key concession, the 772km NSE, is projected to generate over 80 perbcent of PLUS Berhad's revenue over the tenure of the programme. Traffic volume on the NSE in the nine-month period ended September 30, 2012 (9M2012) stood at 10.89 billion passenger car unit-kilometre (PCU-km), registered an annualised growth rate of 4.7 per cent, while traffic of the remaining toll concessions recorded an annualised growth rate of between 1.1 per cent and 6.2 per cent in the same period. The traffic growth rates were in line with projections. In 9M2012, PLUS Berhad recorded revenue of RM2.20 billion against full-year projections of RM3.00 billion. On an annualised basis, actual revenue was marginally lower than projected due to the shorter operating period as the concession assets were acquired on January 12, 2012. Pre-tax losses during the period stood at RM93.6 million against projected full-year pre-tax losses of RM655.9 million due to lower operating expenses and higher toll collection from the higher-than-projected traffic growth of the portfolio of toll roads. The company also recorded better-than-expected cash balance which would help raise PLUS Berhad's projected minimum and average finance service cover ratio (FSCR) above the originally projected 1.99 times and 4.85 times. The higher FSCR allowed PLUS Berhad to distribute RM335.0 million in RCULS coupons in October 2012 and the company may make future distributions going forward, subject to the covenants of the programme. The stable outlook reflects MARC's expectations that PLUS Berhad should continue to meet its obligations comfortably and the on-going financial support from the government. -- Reuters
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