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> UMW Oil & Gas Corp Bhd (5243)

davinz18
post May 17 2013, 02:52 PM


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UMW Holdings Bhd has proposed to list its oil and gas (O&G) unit, UMW Oil & Gas Corp Bhd (UMW-OG), on Bursa Malaysia's Main Market.

The proposed initial public offering (IPO) is for up to 843.18 million shares of 50 sen each in UMW-OG. 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 of UMW-OG. The price of the institutional offer will be determined by a book-building exercise.

Meanwhile, 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-OG.

UMW-OG is involved in the upstream sector of the O&G industry, providing offshore drilling and oilfield services, including engineering and maintenance services.

Prior to listing, the company will undertake an internal reorganisation exercise involving the transfer of the offshore drilling business and certain companies in the oilfield services division under UMW and its subsidiaries to UMW-OG.

The latter entered into sale and purchase agreements on May 14, 2013 in relation to the internal reorganisation. The listing of and quotation for its entire enlarged issued and paid-up share capital of RM1.081bil comprises 2.162 billion UMW-OG shares on Bursa's Main Market.

“The proposed listing of UMW-OG is a key strategic initiative by UMW, which is expected to accelerate the growth of the O&G business within the UMW group and enable UMW to unlock and crystallise the value of its investment in the UMW-OG group and enhance the shareholders' value at UMW level,” said UMW president and group chief executive officer Datuk Syed Hisham Syed Wazir in a statement. The proceeds from the IPO will assist it in reducing its existing borrowings.

Maybank Investment Bank Bhd and CIMB Investment Bank Bhd have been appointed as the joint-principal advisers to UMW and UMW-OG for the proposals.

UMW expects the proposals to be completed by the fourth quarter of 2013.


Opening of application 03/10/2013
Closing of application 14/10/2013
Balloting of applications 18/10/2013
Allotment of IPO shares to successful applicants 30/10/2013
Tentative listing date 01/11/2013


This post has been edited by davinz18: Nov 1 2013, 01:43 PM
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hyzam1212
post May 18 2013, 01:59 PM


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PETALING JAYA: UMW Holdings Bhd's move to list its oil and gas (O&G) division received lukewarm response from the investing community, as many had been anticipating the move for some time.

Hong Leong Investment Bank Research, which has maintained its “sell” call on UMW Holdings, said it believed that the initial public offering (IPO) had already been widely anticipated and priced in, given the current implied value of the O&G division was already at 40 times financial year 2014 (FY14) price/earnings. It also expects Toyota sales to disappoint the market.

It said the IPO would allow the conglomerate to realise the hidden value of its O&G assets, improve capital structure, lower the O&G dependency on the group in terms of borrowings and fund raising, facilitate efficient resource allocation, and accelerate the growth of the O&G division.

“Prior to the IPO exercise, the group would undertake an internal reorganisation exercise (expected to be completed by third quarter 2013), which involves the transfer of the offshore drilling business and certain companies in the oilfield services division under UMW Holdings to UMW Oil and Gas. The whole exercise is expected to be completed by fourth quarter 2013,” it said.

It added that the IPO would dilute the O&G contribution to the UMW group by 39%, as it would only own 61% of the listed UMW Oil and Gas.

Of the 16 research houses tracked by Bloomberg, nine had a “hold” call on UMW Holdings, with four calling for a “sell” and the balance three giving out a “buy” call.

Analysts who were invited to a briefing by the company's management yesterday said that details were still scant, as the conglomerate was still reluctant to reveal any further details of the IPO, citing banking procedures.

“The prospectus timeline was not revealed, and UMW Holdings said it would submit its draft prospectus for the approval of the Securities Commission next week,” said an analyst.

Maybank Investment Research said while the exercise was positive in unlocking value for the group, much would depend on the pricing of the IPO, which was yet to be determined.

“As it stands, UMW Holdings' valuations may already have partially factored in this move to unlock value. At a prospective FY13 price-to-earnings ratio (PER) of 16.2 times, the group was already trading at a 24% premium to its five-historical mean, but still below the average PER of 19 times for the Malaysian O&G sector, this being an average 15% discount,” it wrote.

RHB Research, meanwhile, said UMW Holdings would retain a 61% stake in UMW Oil and Gas post-IPO.

“The listing company would only include UMW Holdings' profitable core O&G businesses in offshore drilling and oilfield services, while the unprofitable, non-core loss-making O&G businesses would be retained in UMW Holdings,” it said.

It elaborated that the profitable core O&G businesses were the drilling and oilfield services business, where it provided offshore drilling and workover services with its fleet of offshore drilling rigs and hydraulic workover units, while under the oilfield services business of UMW Oil and Gas, it offered threading, inspection and repair services for oil country tubular goods (OCTG) in Malaysia, Thailand, China and Turkmenistan, with a focus on premium connections used in high-end and complex wells.

“UMW Holdings would retain other non-core O&G business that would not form part of UMW Oil and Gas' business and includes onshore drilling services, the manufacture of OCTG and steel linepipes, providing anti-abrasion coating services for OCTG, repair and fabrication of steel structures for the marine, O&G, construction and other related industries, and the trading, stocking, marketing and distribution of oilfield products,” it said.

The counter closed up two sen at RM14 yesterday.

http://biz.thestar.com.my/news/story.asp?f...90&sec=business

Based on the existing shares, I presumed the price should not be less than RM3
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davinz18
post May 31 2013, 05:55 PM


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Prospectus Exposure available on SC website.

http://www.sc.com.my/main.asp?pageid=1272&...=&linkid=&type=
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hyzam1212
post Jun 1 2013, 01:18 PM


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For those who interested...limited time viewing while it last

http://www.sc.com.my/main.asp?pageid=1272&...=&linkid=&type=

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zamans98
post Jun 1 2013, 02:54 PM


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611 million shares.... nice.


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hyzam1212
post Jun 20 2013, 08:52 AM


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Last week news for those interested

PETALING JAYA (June 11, 2013): UMW Holdings Bhd's has received approval from Ministry of International Trade and Industry (MITI) to implement the proposed initial public offering (IPO) and listing of its oil and gas (O&G) unit.

UMW plans to offer 843.1 million shares, or about 39%, of UMW O&G's enlarged paid-up capital under the IPO.

The 843.1 million shares comprise 231.3 million offer for sale shares, and a public issue of 611.8 million new shares to retail and institutional investors.

Out of the 843.1 million, 648.6 million shares, or 30%, of UMW O&G's enlarged issued and paid-up share capital will be allocated to institutional investors. The remaining 194.58 million shares, or a 9%, stake are for retail investors.

To facilitate the IPO, UMW is reorganising its O&G business first with the acquisitions by UMW O&G of several related companies in the group for some RM150 million.

UMW expects the acquisitions as well as the IPO to be completed by the fourth quarter of this year.
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kamrulbj6107
post Jun 20 2013, 09:34 AM


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where to get fund la .....
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minshome
post Jun 20 2013, 09:48 AM


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Will it has offer right to existing UMW shareholders?
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nightzstar
post Jun 20 2013, 10:22 AM


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omg, good buy?
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hyzam1212
post Jun 27 2013, 09:08 PM


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SHAH ALAM: UMW Holdings Bhd hopes to list its oil & gas division before the year ends, provided its submission for listing is approved by the Securities Commission (SC).

“Yes, if we get the approval, we hope to do it by the year-end,” group chairman Tan Sri Asmat Kamaludin said at a media conference after the group's AGM on Thursday.

However, the group kept mum on other details on the listing, apprehensive of jeopardising its chance to get the authorities' approval.

On why the group is spinning off this division, Asmat said: "As the oil & gas sector is a capital intensive one, it is easier for them to raise funds if they are on their own."

This is not the first time the group has sought to list its oil & gas division three years ago and SC had approved of it in March 2008. However, the group did not manage to go through with it due to unfavourable market conditions, thus the approval lapsed.

Wires reported in February that UMW was looking to raise US$500mil (RM1.6bil) from its initial public offering. The group did not confirm this.

sos the star
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azlan88
post Jul 8 2013, 12:42 PM


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MITI Application is out already. Can apply from today until 16th July. Please refer to MITI website.
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minshome
post Jul 8 2013, 01:08 PM


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how much IPO price?
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azlan88
post Jul 8 2013, 01:10 PM


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QUOTE(minshome @ Jul 8 2013, 01:08 PM)
how much IPO price?
*
News says that they want to raise RM1.6billion. They offer 843m shares. So the price is about RM2.00 la.
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minshome
post Jul 8 2013, 01:13 PM


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any tentative date of listing?
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StevenL
post Jul 9 2013, 03:36 PM


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Jumlah Saham Khas : 248,630,000 unit
Harga Par : RM0.50 seunit (what does it mean?)

Saw this from Miti.
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minshome
post Jul 9 2013, 05:11 PM


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QUOTE(StevenL @ Jul 9 2013, 04:36 PM)
Jumlah Saham Khas : 248,630,000 unit
Harga Par                : RM0.50 seunit (what does it mean?)

Saw this from Miti.
*
par value is not the ipo price...
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kb2005
post Jul 9 2013, 09:42 PM


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Another IPO ? Now i realised money not enough! lol! tongue.gif
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FirezZ
post Jul 10 2013, 07:38 AM


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QUOTE(minshome @ Jul 9 2013, 05:11 PM)
par value is not the ipo price...
*
par value is def. lower than ipo price value right ?
hmm but basically what is exactly means by the par value ? The actual estimation value of the stock price ? something like .... cost of a product compared to price of a selling product in consumer's term ?

thanks smile.gif
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minshome
post Jul 10 2013, 09:16 AM


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EPF in the share chase?

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
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davinz18
post Jul 10 2013, 02:52 PM


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UMW to set RM3 minimum share price for O&G unit IPO - sources

Malaysian conglomerate UMW Holdings Bhd will set a minimum indicative IPO price for its oil and gas unit of RM3 a share in an offering that is expected to raise up to US$1 billion, two sources with direct knowledge of the matter told Reuters on Wednesday.

"They have also started on a cornerstone roadshow," said one of the sources. "Indicative pricing has not been finalised but it is estimated to be RM3 and above."


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