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Initial Public Offering (IPO)
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2bz4money
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UMW plans bigger O&G IPO
By Kamarul Yunus
Published: 2011/06/24
SHAH ALAM: UMW Holdings Bhd has not lost sight of listing its oil and gas (O&G) unit, and is instead seeking to make the initial public offering (IPO) "bigger" than planned.
The diversified group, however, did not give a timeline for the IPO.
President and chief executive officer Datuk Syed Hisham Syed Wazir said it is looking at a "bigger listing" by adding more subsi-diaries to UMW Oil & Gas Bhd to attract investors.
Syed Hisham added that the group also wants to improve the unit' s finances to make investors more confident with it.
"It (listing) is still in our pipeline. But first we have to turn the oil and gas division to profitability. We suffered a slight hiccup last year," he told reporters after UMW Hol-dings' annual general meeting here yesterday.
The group will launch the IPO when the time is right and conducive, he added.
"There are requirements to be met. It will also depend on the market conditions," Syed Hisham said when asked to give an update on the IPO of UMW Oil and Gas, which had obtained approval for a listing in 2008.
He explained that the IPO could not take off as planned because UMW Oil and Gas had suffered a "slight" setback in its financial year ended December 31 2010.
"2010 was not as smooth as we expected it to be. The decrease in drilling activities worldwide in 2009 resulted in a significant drop in demand for oil and country turbular goods (OCTGs) and drilling services from international markets.
"Despite the economic recovery and improved consumer confi-dence in 2010, sales of our oil and gas pipes and services were adversely affected by the slow reco-very in the oil and gas industry," he said.
UMW's oil and gas segment suffered a loss of RM190.8 million on a revenue of RM665.5 million in the last financial year.
"The anti-dumping and counterveiling duties imposed by the US and OCTG pipes imported from China continued to adversely affect the performance of our overseas associate WSP Holdings Ltd," he said.
The oil and gas division posted pre-tax losses due to pre-ope-rating expenses incurred in its greenfield investments and new drilling rigs.
For example, its jack-up drilling rigs, Naga 2 and Naga 3, were not utilised although they were ready to be deployed to working sites.
Syed Hisham is confident the oil and gas business will turn around this year.
"The division is poised for reco-very in 2011 from its temporary setback in the last few quarters," he said.
Results from the first quarter this year showed that the oil and gas segment was improving, with a re-venue of RM194 million and a slight loss of RM878,000.
He said the commencement of its semi-submersible rig, Naga 1, and jack-up drilling rigs, Naga 2 and Naga 3, for operations this year will contribute to positive growth for the division this year.
Last November, UMW Holdings won a five-year US$250 million (RM757.5 million)-extension contract from Petronas Carigali Sdn Bhd for Naga 1.
The group is also exploring opportunities in Latin America, the Middle East, Russia and Turkmenistan via a joint international marketing with its partner, WSP Holdings in China.
http://www.btimes.com.my/
By Kamarul Yunus
Published: 2011/06/24
SHAH ALAM: UMW Holdings Bhd has not lost sight of listing its oil and gas (O&G) unit, and is instead seeking to make the initial public offering (IPO) "bigger" than planned.
The diversified group, however, did not give a timeline for the IPO.
President and chief executive officer Datuk Syed Hisham Syed Wazir said it is looking at a "bigger listing" by adding more subsi-diaries to UMW Oil & Gas Bhd to attract investors.
Syed Hisham added that the group also wants to improve the unit' s finances to make investors more confident with it.
"It (listing) is still in our pipeline. But first we have to turn the oil and gas division to profitability. We suffered a slight hiccup last year," he told reporters after UMW Hol-dings' annual general meeting here yesterday.
The group will launch the IPO when the time is right and conducive, he added.
"There are requirements to be met. It will also depend on the market conditions," Syed Hisham said when asked to give an update on the IPO of UMW Oil and Gas, which had obtained approval for a listing in 2008.
He explained that the IPO could not take off as planned because UMW Oil and Gas had suffered a "slight" setback in its financial year ended December 31 2010.
"2010 was not as smooth as we expected it to be. The decrease in drilling activities worldwide in 2009 resulted in a significant drop in demand for oil and country turbular goods (OCTGs) and drilling services from international markets.
"Despite the economic recovery and improved consumer confi-dence in 2010, sales of our oil and gas pipes and services were adversely affected by the slow reco-very in the oil and gas industry," he said.
UMW's oil and gas segment suffered a loss of RM190.8 million on a revenue of RM665.5 million in the last financial year.
"The anti-dumping and counterveiling duties imposed by the US and OCTG pipes imported from China continued to adversely affect the performance of our overseas associate WSP Holdings Ltd," he said.
The oil and gas division posted pre-tax losses due to pre-ope-rating expenses incurred in its greenfield investments and new drilling rigs.
For example, its jack-up drilling rigs, Naga 2 and Naga 3, were not utilised although they were ready to be deployed to working sites.
Syed Hisham is confident the oil and gas business will turn around this year.
"The division is poised for reco-very in 2011 from its temporary setback in the last few quarters," he said.
Results from the first quarter this year showed that the oil and gas segment was improving, with a re-venue of RM194 million and a slight loss of RM878,000.
He said the commencement of its semi-submersible rig, Naga 1, and jack-up drilling rigs, Naga 2 and Naga 3, for operations this year will contribute to positive growth for the division this year.
Last November, UMW Holdings won a five-year US$250 million (RM757.5 million)-extension contract from Petronas Carigali Sdn Bhd for Naga 1.
The group is also exploring opportunities in Latin America, the Middle East, Russia and Turkmenistan via a joint international marketing with its partner, WSP Holdings in China.
http://www.btimes.com.my/
apaidotnet
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result eversendai dah kuar... x berjaya la plak..
zamans98
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Rilex Apai.
Ada lagi yang lain sedang on the way : Inari, OldTown, Prestriang dan Bumi Armada.
Ada lagi yang lain sedang on the way : Inari, OldTown, Prestriang dan Bumi Armada.
katani17
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Lpas nie Inari atau Prestriang dulu?
AzizahSumayyah
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ada sesiapa plan nak beli MSM esok?
rasa macam gatal jari jer nak tekan button buy esok... tempted nak beli at 3.70 - 3.80
rasa macam gatal jari jer nak tekan button buy esok... tempted nak beli at 3.70 - 3.80
wazir
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eIpo eversendai saya melalui cimb tak berjaya.
ada sesiapa yg dapat ke eversendai nih?
Main Ipo ni banyak rugi dari untung sejak dapat UOA tempoh hari..
Nak tengok Msm besok, klu harga cun saya nak jual semua, recover balik loss UOA
ada sesiapa yg dapat ke eversendai nih?
Main Ipo ni banyak rugi dari untung sejak dapat UOA tempoh hari..
Nak tengok Msm besok, klu harga cun saya nak jual semua, recover balik loss UOA
apaidotnet
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oldtown ok ke? trauma uoa x hilang lagi...
apaidotnet
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msm boleh jadi mcm mmhe ke? naik sampai rm8 skrg ni
2bz4money
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Pelabur perlu byk bersabar dan jgn terlalu tamak..
selagi hang pegang UOA, kira paper loss je. aku yg dok pegang Tambun pun masih ok lagi. itulah masing2 ada target sendiri; apa2 pun kena bersabar. aku sejak mula dgn Pchem, masih maintain portfolio yg ROI >10%..
selagi hang pegang UOA, kira paper loss je. aku yg dok pegang Tambun pun masih ok lagi. itulah masing2 ada target sendiri; apa2 pun kena bersabar. aku sejak mula dgn Pchem, masih maintain portfolio yg ROI >10%..
