By Sharen Kaur
sharen@mediaprima.com.my
Published in NST on August 7, 2013
IPO COMEBACK: Key shareholder may now try to raise money in Singapore, Dubai or Hong Kong
RANHILL Energy and Resources Bhd still wants to make a comeback on the
stock exchange but this time, it may sell its shares overseas after a
disappointing turn of event, here, recently.
According to a source, Ranhill Energy's substantial shareholder Tan Sri Hamdan Mohamad is looking at selling the company's shares in Singapore, Dubai or Hong Kong in the next one or two years.
"Hamdan is very disappointed that Ranhill Energy could not list on Bursa Malaysia. He is eyeing several options overseas to raise money for the company," the source told Business Times.
Ranhill Energy was supposed to have made its debut on Bursa Malaysia on July 31, raising RM753 million.
But the Securities Commission (SC) put a brake on the listing and
instructed Ranhill Energy to defer its initial public offering (IPO)
indefinitely in view of a possible non-disclosure issue.
Ranhill Energy's trouble began after Petroliam Nasional Bhd (Petronas) on July 17 suspended the licences of its affiliate company, Perunding Ranhill Worley Sdn Bhd (PRW), for an indefinite period.
Petronas suspended the licences for PRW's downstream and upstream activities due to factors concerning a project in Malacca. It has since reinstated the upstream licence but the downstream licence remains suspended.
Ranhill Energy depends on Petronas for oil and gas (O&G) support services contracts. Last year, Petronas accounted for 43.4 per cent of its O&G business. Much of the company's exposure to O&G is from the downstream sector.
Although the suspension was lifted before the listing date, Ranhill Energy announced on July 26 that it was terminating its IPO.
"Hamdan was advised to terminate the IPO because of the reports on the suspension and the SC's request to defer the listing, which would have impacted the share price negatively.
"Hamdan is very upset as he has been planning the IPO for more than a year. He has requested his people to study alternative platforms to raise funds," the source said.
Hamdan is a well-known corporate figure. He had listed a few companies on Bursa Malaysia for several years, including Ranhill Utilities Bhd and Ranhill Bhd. Both companies were later taken private in 2008 and 2011, respectively.
sharen@mediaprima.com.my
Published in NST on August 7, 2013
IPO COMEBACK: Key shareholder may now try to raise money in Singapore, Dubai or Hong Kong
According to a source, Ranhill Energy's substantial shareholder Tan Sri Hamdan Mohamad is looking at selling the company's shares in Singapore, Dubai or Hong Kong in the next one or two years.
"Hamdan is very disappointed that Ranhill Energy could not list on Bursa Malaysia. He is eyeing several options overseas to raise money for the company," the source told Business Times.
Ranhill Energy was supposed to have made its debut on Bursa Malaysia on July 31, raising RM753 million.
Ranhill Energy's trouble began after Petroliam Nasional Bhd (Petronas) on July 17 suspended the licences of its affiliate company, Perunding Ranhill Worley Sdn Bhd (PRW), for an indefinite period.
Petronas suspended the licences for PRW's downstream and upstream activities due to factors concerning a project in Malacca. It has since reinstated the upstream licence but the downstream licence remains suspended.
Ranhill Energy depends on Petronas for oil and gas (O&G) support services contracts. Last year, Petronas accounted for 43.4 per cent of its O&G business. Much of the company's exposure to O&G is from the downstream sector.
Although the suspension was lifted before the listing date, Ranhill Energy announced on July 26 that it was terminating its IPO.
"Hamdan was advised to terminate the IPO because of the reports on the suspension and the SC's request to defer the listing, which would have impacted the share price negatively.
"Hamdan is very upset as he has been planning the IPO for more than a year. He has requested his people to study alternative platforms to raise funds," the source said.
Hamdan is a well-known corporate figure. He had listed a few companies on Bursa Malaysia for several years, including Ranhill Utilities Bhd and Ranhill Bhd. Both companies were later taken private in 2008 and 2011, respectively.
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