EPF in the share chase?
By YVONNE TAN
[email protected]
PETALING JAYA: The Employees Provident Fund is gunning for a cornerstone position in the planned flotation of UMW Oil & Gas Corp Bhd, according to banking sources, adding that the planned listing should raise some RM1.5bil.
“The bankers have started on their cornerstone roadshow,” revealed one source.
UMW Oil & Gas president Rohaizad Darus could not be reached for comment.
The company, which is UMW Holdings Bhd’s oil and gas (O&G) unit, is expected to list before year-end.
The initial public offering (IPO) has been deferred several times and is still awaiting approval from the Securities Commission (SC).
Both Maybank Investment Bank Bhd and CIMB Investment Bank Bhd have been appointed as joint-principal advisers to UMW and UMW Oil & Gas for the proposed exercise.
To recall, UMW Oil & Gas’ proposed IPO is for up to 843.18 million shares of 50 sen each in the company.
A total of 611.8 million shares will be made available to retail and institutional investors. The institutional offering involves the offer of up to 648.6 million shares, representing 30% of the enlarged issued and paid-up share capital. The price of the institutional offer will be determined by a book-building exercise.
A total of 194.58 million IPO shares will be made available for retail investors at a yet-to-be determined price, representing 9% of the enlarged issued and paid-up share capital of UMW Oil & Gas.
UMW Oil & Gas is involved in the upstream sector of the O&G industry, providing offshore drilling and oilfield services, including engineering and maintenance services.
The company currently has four offshore drilling rigs.
NAGA 1 is a semi-submersible drilling rig co-owned with Japan Drilling Co Ltd.
The other three are premium jack-up rigs: NAGA 2, NAGA 3 and UMW NAGA 4.
One of the main clients of its rigs is Petronas Carigali Sdn Bhd, the exploration arm of Petroliam Nasional Bhd or Petronas.
The SC had, in fact, approved a listing of UMW’s O&G division in March 2008.
However, due to unfavourable market conditions, the group did not go through with the listing, with the approval for it consequently lapsing.
p/s berita kuar kat the star
