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 IPO: Sona Petroleum Berhad, SPAC IPO

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TSdavinz18
post Mar 7 2013, 05:47 PM, updated 10y ago

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Sona Petroleum Bhd, a special purpose acquisition company (SPAC), is eyeing to raise up to RM550 million from its initial public offering (IPO) exercise on the Main Market of Bursa Malaysia Securities.

In its prospectus exposure on Securities Commission Malaysia’s (SC) website Thursday, the company said its IPO comprises issuing up to 1.1 billion new shares of one sen each, together with up to 1.1 billion free detachable warrants on the basis one warrant for every one new share subscribed.

Sona in its prospectus exposure said it is offering 141 million shares or 10% of its paid-up share capital for retail offering and up to 959 million shares or 68% stake as institutional offering via private placement.

The company said the minimum number of shares to be subscribed under its IPO is 300 million shares that would raise RM300 million as required in respect of a SPAC, in accordance with the Equity Guidelines.

“We believe that by raising RM150 million we would have sufficient proceeds to acquire an asset as our qualifying acquisition.

“However, we are offering up to 1.1 billion shares so as to raise up to RM550 million under our IPO as we believe a larger capital base may give us more options when we acquire an asset as our qualifying acquisition,” it said.

Nonetheless, the company said its management team believes that any amount between RM150 million and RM550 million would still place Sona in a favourable position to complete its qualifying acquisition.

The company intends to set aside 90% of its IPO proceeds for its qualifying acquisition and thereafter, other asset acquisition.

Sona said some RM33.8 million from its IPO proceeds would be utilised as working capital to finance its operating expenses.

Sona is helmed by managing director Datuk Seri Hadian Hashim, who is a major shareholder in Integrated Petroleum Services Sdn Bhd, a company that provides services and products to the upstream oil and gas sector.

The company’s executive director is Datuk Masnah Abdul Jalil, who was head of corporate finance and principle investments at Hong Leong Financial Group Bhd.

Prior to that, Maznah was senior group director for corporate finance and advisory of DRB-HICOM Bhd.

Sona Petroleum Bhd was formerly known as: Titanium Windfall Sdn Bhd.

This post has been edited by davinz18: Aug 26 2013, 03:51 PM
chrisw
post Mar 7 2013, 05:50 PM

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when? hmm.gif
TSdavinz18
post Mar 7 2013, 06:00 PM

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QUOTE(chrisw @ Mar 7 2013, 05:50 PM)
when? hmm.gif
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Maybe another few months, depend on SC approval.
hyzam1212
post Mar 8 2013, 02:58 PM

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Sorry Mod...havent noticed the ori thread
clevermunkeygirl
post Mar 25 2013, 03:43 PM

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QUOTE(davinz18 @ Mar 7 2013, 06:00 PM)
Maybe another few months, depend on SC approval.
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heard gonna be sometime in May. Looking forward to it - rclxms.gif Heard that the key management team is super strong with loads of experience in the O&G industry. Hibiscus is doing well so i bet there's plenty potential for this one. I heard it's gonna be cheaper per share. not sure yet.
ilovemani
post Mar 25 2013, 04:31 PM

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QUOTE(davinz18 @ Mar 7 2013, 05:47 PM)
Sona Petroleum Bhd, a special purpose acquisition company (SPAC), is eyeing to raise up to RM550 million from its initial public offering (IPO) exercise on the Main Market of Bursa Malaysia Securities.

In its prospectus exposure on Securities Commission Malaysia’s (SC) website Thursday, the company said its IPO comprises issuing up to 1.1 billion new shares of one sen each, together with up to 1.1 billion free detachable warrants on the basis one warrant for every one new share subscribed.

Sona in its prospectus exposure said it is offering 141 million shares or 10% of its paid-up share capital for retail offering and up to 959 million shares or 68% stake as institutional offering via private placement.

The company said the minimum number of shares to be subscribed under its IPO is 300 million shares that would raise RM300 million as required in respect of a SPAC, in accordance with the Equity Guidelines.

“We believe that by raising RM150 million we would have sufficient proceeds to acquire an asset as our qualifying acquisition.

“However, we are offering up to 1.1 billion shares so as to raise up to RM550 million under our IPO as we believe a larger capital base may give us more options when we acquire an asset as our qualifying acquisition,” it said.

Nonetheless, the company said its management team believes that any amount between RM150 million and RM550 million would still place Sona in a favourable position to complete its qualifying acquisition.

The company intends to set aside 90% of its IPO proceeds for its qualifying acquisition and thereafter, other asset acquisition.

Sona said some RM33.8 million from its IPO proceeds would be utilised as working capital to finance its operating expenses.

Sona is helmed by managing director Datuk Seri Hadian Hashim, who is a major shareholder in Integrated Petroleum Services Sdn Bhd, a company that provides services and products to the upstream oil and gas sector.

The company’s executive director is Datuk Masnah Abdul Jalil, who was head of corporate finance and principle investments at Hong Leong Financial Group Bhd.

Prior to that, Maznah was senior group director for corporate finance and advisory of DRB-HICOM Bhd.

Sona Petroleum Bhd was formerly known as: Titanium Windfall Sdn Bhd.
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What are your thoughts on this new SPAC?
ilovemani
post Mar 25 2013, 04:32 PM

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QUOTE(clevermunkeygirl @ Mar 25 2013, 03:43 PM)
heard gonna be sometime in May. Looking forward to it -  rclxms.gif  Heard that the key management team is super strong with loads of experience in the O&G industry. Hibiscus is doing well so i bet there's plenty potential for this one. I heard it's gonna be cheaper per share. not sure yet.
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why cheaper? then should be a good buy
TSdavinz18
post Mar 25 2013, 06:32 PM

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QUOTE(ilovemani @ Mar 25 2013, 04:31 PM)
What are your thoughts on this new SPAC?
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looks okay for me
management also good.

fiqir
post Mar 25 2013, 08:20 PM

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this would be spac after Cliq energy.
GloryKnight
post Mar 25 2013, 11:08 PM

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CLIQ energy should be better than this, if BN wins, then this SPAC would be good. Why?

Keyword:-Sona is helmed by managing director Datuk Seri Hadian Hashim, who is a major shareholder in Integrated Petroleum Services Sdn Bhd, a company that provides services and products to the upstream oil and gas sector.

More business/more connections/more undertab- oops.
ilovemani
post Mar 26 2013, 12:16 PM

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QUOTE(davinz18 @ Mar 25 2013, 06:32 PM)
looks okay for me
management also good.
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then might invest! since i miss out on hibiscus. and if cheaper then good!
what-the-wong1975
post Mar 26 2013, 03:39 PM

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QUOTE(ilovemani @ Mar 26 2013, 12:16 PM)
then might invest! since i miss out on hibiscus. and if cheaper then good!
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Ya, I’m saving bullets for SONA coz I think they knows their stuff.
minshome
post Mar 26 2013, 04:10 PM

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Why most ppl think SONA is better than CLIQ???
clevermunkeygirl
post Mar 26 2013, 04:30 PM

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QUOTE(minshome @ Mar 26 2013, 04:10 PM)
Why most ppl think SONA is better than CLIQ???
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yea, i m also interested to know. same E&P ventures...

ChinCC12345
post Mar 26 2013, 10:20 PM

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QUOTE(ilovemani @ Mar 26 2013, 12:16 PM)
then might invest! since i miss out on hibiscus. and if cheaper then good!
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With MD’s involvement in a relevant industry, it’s better for business. SPACs are all about management - no business portfolios to see so the ppl behind is very important. Eager to see how this goes compared to Hibiscus and CLIQ.

Personally i think there's investment potential, given that the O&G industry is looking good.
Plus, SPACs are safer.
Very eager and excited to see how these few SPACs perform.
what-the-wong1975
post Mar 31 2013, 12:27 AM

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QUOTE(clevermunkeygirl @ Mar 26 2013, 04:30 PM)
yea, i m also interested to know. same E&P ventures...
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In recent news, I heard another SPAC, Australaysia over exposed details. Looks like it's not gonna be listed anytime soon.
If you missed the Hibiscus boat then looks like Sona is still the way to go. Stronger management compared to other SPACs.
ChinCC12345
post Apr 5 2013, 09:40 AM

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QUOTE(what-the-wong1975 @ Mar 31 2013, 12:27 AM)
In recent news, I heard another SPAC, Australaysia over exposed details. Looks like it's not gonna be listed anytime soon.
If you missed the Hibiscus boat then looks like Sona is still the way to go. Stronger management compared to other SPACs.
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Check this out: http://flyingspaghettimonster.com/portal/forums/showthre...65#post16744065
ilovemani
post Apr 7 2013, 10:37 PM

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There’s been a lot of talks in the market about SPAC lately. Four more SPAC listings are expected to follow in the footsteps of Hibiscus Petroleum, who was the first SPAC to list on Bursa Malaysia in July 2011.

Also to list their SPAC is Sona Petroleum Berhad. Based on its draft exposure released on the SC website recently, the Initial Public Offering, commonly called the IPO could potentially be the largest SPAC in Malaysia with a fundraising size of up to RM550 million. The company’s focus is on the Exploration & Production (E&P) segment of the lucrative Oil & Gas chain with target markets or Regions of Interest in South East Asia, the Middle East and Africa.

For those of you who aren’t familiar with what a SPAC is, SPAC is short for Special Purpose Acquisition Company and is a company that has no operations or income generating business at the point of IPO, and has yet to complete a Qualifying Acquisition (QA) with the proceeds of such offering.

The several key aspects of a SPAC are basically:
1. Management’s credibility
2. Investor Protection
3. Refund Flexibility and
4. Alignment of interest between investors and management

A SPAC must have a credible management team who can identify attractive targets and make value creating acquisitions that will meet the SPAC’s strategy and enhance shareholders’ value.

The management team must have the track record, qualifications and experience that are relevant to specific industries where acquisitions are intended to be made and to achieve the SPAC’s business strategy as laid out in the prospectus and to competently perform their individual roles.

In Sona’s case, its management team will be led by Oil & Gas Veteran Dato’ Sri Hadian bin Hashim, who started his career with Sarawak Shell and later ventured into Oil & Gas industry-related business from 1995 onwards. His passion for the industry is justified as he has with him over 30 years of experience as an engineer and entrepreneur in the Oil & Gas industry.

The entire board of directors, the majority of which will be running the E&P business, have a combined experience of over 390 years in the Oil and Gas industry.

According to the draft prospectus exposure, Sona Petroleum will be offering up to 1.1 billion shares at RM0.50 per share with up to 1.1 billion free detachable warrants on the basis of 1 warrant to every share.

It is also interesting to note that this will be the first SPAC with a MITI Bumiputera offering in the Institutional Offering tranche.

Just like any other SPAC, Sona Petroleum is dependent on the management’s capability of successfully acquiring the right kind of assets within the permitted timeframe of 3 years. Once listed, 90% of the proceeds raised will be placed in a trust or escrow account which is interest bearing. Any SPAC that fails to complete a QA within the permitted timeframe, the company will have to be liquidated and investors will receive the money held in the trust account.

clevermunkeygirl
post Apr 8 2013, 11:26 AM

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QUOTE(davinz18 @ Mar 7 2013, 05:47 PM)
Sona Petroleum Bhd, a special purpose acquisition company (SPAC), is eyeing to raise up to RM550 million from its initial public offering (IPO) exercise on the Main Market of Bursa Malaysia Securities.

In its prospectus exposure on Securities Commission Malaysia’s (SC) website Thursday, the company said its IPO comprises issuing up to 1.1 billion new shares of one sen each, together with up to 1.1 billion free detachable warrants on the basis one warrant for every one new share subscribed.

Sona in its prospectus exposure said it is offering 141 million shares or 10% of its paid-up share capital for retail offering and up to 959 million shares or 68% stake as institutional offering via private placement.

The company said the minimum number of shares to be subscribed under its IPO is 300 million shares that would raise RM300 million as required in respect of a SPAC, in accordance with the Equity Guidelines.

“We believe that by raising RM150 million we would have sufficient proceeds to acquire an asset as our qualifying acquisition.

“However, we are offering up to 1.1 billion shares so as to raise up to RM550 million under our IPO as we believe a larger capital base may give us more options when we acquire an asset as our qualifying acquisition,” it said.

Nonetheless, the company said its management team believes that any amount between RM150 million and RM550 million would still place Sona in a favourable position to complete its qualifying acquisition.

The company intends to set aside 90% of its IPO proceeds for its qualifying acquisition and thereafter, other asset acquisition.

Sona said some RM33.8 million from its IPO proceeds would be utilised as working capital to finance its operating expenses.

Sona is helmed by managing director Datuk Seri Hadian Hashim, who is a major shareholder in Integrated Petroleum Services Sdn Bhd, a company that provides services and products to the upstream oil and gas sector.

The company’s executive director is Datuk Masnah Abdul Jalil, who was head of corporate finance and principle investments at Hong Leong Financial Group Bhd.

Prior to that, Maznah was senior group director for corporate finance and advisory of DRB-HICOM Bhd.

Sona Petroleum Bhd was formerly known as: Titanium Windfall Sdn Bhd.
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Check out their latest news: http://www.btimes.com.my/Current_News/BTIM...s/sona/sona.pdf
Mustaffa AL
post Jun 6 2013, 10:23 AM

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Dear everybody,

I'm in the opinion that we shouldn't invest at all in these so-called SPAC companies in Bursa. I think it is a scam that majority Malaysian public is not aware that E & P business is a very risky venture. I firmly believe that our Securities Commission is very naive or purportedly staging a good scam in luring the public to put their money in investing their CRPS or the like.

As my background as an E & P engineer spanning some 24 odd years worldwide, I would like to share my experience especially taking Hibiscus Petroleum Bhd as the case study. I have tried to download Sona Petroleum Bhd's Prospectus but unfortunately it is now not available sort of the SC has pull-out its contents or else. Please try peruse:http://www.sc.com.my/main.asp?pageid=1250. Could someone share with me on their prospectus please?

Now looking at Hibiscus Petroleum Bhd, back in Oct 2011 they announced to pay USD55 million for 35% shares holding in Lime Petroleum PLC. After SC approval and EGM in April 2012 they paid accordingly. Until today Lime Petroleum PLC is doing all high risk exploratory E & P ventures and had relinquished major blocks in UAE. Most recently they partnered with North Energy ASA to explore Rex technology and paid NOK31.8 million. However North Energy ASA had spent NOK1,061 million and accruing losses of NOK601 million in their 2012 balance sheet so far while not a single drop of oil is extracted out from their E & P venture. I think Hibiscus Petroleum Bhd is not going any much longer than try to sustain the momentum of pouring Malaysian public investment into dry wells or high risk exploratory offshore oil ventures. Historically only oil majors are doing these ventures since they have bigger purse to spend. Rex technology so-called resonance analysis from seismic data is a truly scam - not new but been tried many by oil majors before! I felt very upset how could Hibiscus Petroleum Bhd people like Mohd Iwan Jefy A Majid, David Richards, Dr. Rabi Bastia Padmashree, Dr. Kenneth Pereira, Zainol Izzet Mohd Ishak and Zainul Rahim Mohd Zain who has vast experience in E & P business before could fell into this sort of believe? The only venture looks promising is their AUD27 million acquisition of Australian West Seahorse, Sea Lion and Felix fields. However the oil reserve is small at 7.2 MMBO which is very expensive farm-in. I reckon they need another AUD250 million just to prepare to drain out the oil there in the near future. This will unfortunately delay their return to profit timeline! Of lately they are trying to raise another RM210 million or USD70 million to sustain their operations.

I do not know what are the plan of Sona Petroleum Bhd and Cliq Energy Bhd but a simple conclusion is that, an oil company is not an oil company until it produce oil or flowing gas! That are the main matters. These oil and gas the the bloodline of the company. Pity our SC and Bursa didn't learn from the experience of NASDAX, NYSE, LSE, DAX, TSX, ASX and others in evaluating an E & P Companies. Maybe they think Idris Jala is a genius in promoting so called the economic transformation - into an E & P doldrums. rclxub.gif

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