Extracted from The Star:
23/07/2008
LTH RAISES STAKE IN RAMUNIA
KUALA LUMPUR: Lembaga Tabung Haji (LTH) has accumulated 14.23 million shares in Ramunia Holdings Bhd from July 10 to 16.
A filing with Bursa Malaysia showed the fund increased its stake in Ramunia to 18.06%, or 99.74 million shares, after the recent acquisitions.
It acquired 517,000 shares on July 10, 9.7 million shares the next day, two million shares on July 14 and 2.02 million shares on July 16. The share price was trading between RM1.54 and RM1.59 during that period.
Ramunia hit a 52-week high of RM1.95 on Feb 13 while its 52-week low was 76 sen on Aug 17.
MISC Bhd is taking control of Ramunia in a reverse takeover that is expected to be completed by the fourth quarter.
A filing with Bursa Malaysia showed the fund increased its stake in Ramunia to 18.06%, or 99.74 million shares, after the recent acquisitions.
It acquired 517,000 shares on July 10, 9.7 million shares the next day, two million shares on July 14 and 2.02 million shares on July 16. The share price was trading between RM1.54 and RM1.59 during that period.
Ramunia hit a 52-week high of RM1.95 on Feb 13 while its 52-week low was 76 sen on Aug 17.
MISC Bhd is taking control of Ramunia in a reverse takeover that is expected to be completed by the fourth quarter.
16/07/2008
RAMUNIA TAKEOVER ON TRACK
PETALING JAYA: MISC Bhd’s reverse takeover of Ramunia Holdings Bhd is on track and expected to be completed in the fourth quarter of this year, said Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Mohd Hassan Marican.
However, he declined to provide more details during a press conference yesterday on Petronas’ latest financial results.
Petronas is a major stakeholder in MISC. In January, MISC announced a RM3.2bil takeover of Ramunia by injecting its shipbuilding arm, Malaysia Marine and Heavy Industries Sdn Bhd (MMHE) in return for a 72% stake in Ramunia.
Upon completion of the exercise, MISC will own one of the largest oil and gas (O&G)-related fabrication yards in the region. Petronas, which has a direct 62.4% stake in MISC, will own 47.8% of Ramunia. An industry analyst told StarBiz the reverse takeover would be a good deal as MMHE was facing space constraint and could rely on Ramunia’s extra capacity.
On whether there was a slowdown in the O&G industry, the analyst said it would hinge on whether oil companies could afford to invest in new platform fabrications in view of the high steel price.
“The return on investment is expected to be high if crude oil price stays at the current level. But many are still unsure it would sustain. Also, there is the issue of lack of manpower in the O&G fabrication industry,” he said. Light crude oil was trading at US$145 per barrel yesterday.
However, he declined to provide more details during a press conference yesterday on Petronas’ latest financial results.
Petronas is a major stakeholder in MISC. In January, MISC announced a RM3.2bil takeover of Ramunia by injecting its shipbuilding arm, Malaysia Marine and Heavy Industries Sdn Bhd (MMHE) in return for a 72% stake in Ramunia.
Upon completion of the exercise, MISC will own one of the largest oil and gas (O&G)-related fabrication yards in the region. Petronas, which has a direct 62.4% stake in MISC, will own 47.8% of Ramunia. An industry analyst told StarBiz the reverse takeover would be a good deal as MMHE was facing space constraint and could rely on Ramunia’s extra capacity.
On whether there was a slowdown in the O&G industry, the analyst said it would hinge on whether oil companies could afford to invest in new platform fabrications in view of the high steel price.
“The return on investment is expected to be high if crude oil price stays at the current level. But many are still unsure it would sustain. Also, there is the issue of lack of manpower in the O&G fabrication industry,” he said. Light crude oil was trading at US$145 per barrel yesterday.
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