Sealink’s 19.2m shares done off-market at RM1.26 each

KUALA LUMPUR: Newly-listed Sealink International Bhd’s 19.2 million shares were transacted in several off-market deals at RM24.19mil.

Stock market data showed that the average price of the shares transacted was RM1.26. The shares represented a 3.84% stake.

At 4.10pm, Sealink’s share price was trading at RM1.11, down 14 sen from its offer price of RM1.25.

The weaker sentiment for the shares was also in line with the cautious regional markets.

Aseambankers Equity Research said the offer price of RM1.25 was pricey as it was based on 12.5 times FY08 earnings per share vis-à-vis local and Singaporean peers, which trade as low as 7.0 times.

URL: http://biz.thestar.com.my/news/story.asp?f...59&sec=business

Sealink, Uzma opens below IPO price

KUALA LUMPUR: Sealink International Bhd and Uzma Bhd made a weak debut on Bursa Malaysia Tuesday with both counters opening below their initial offer prices (IPO).

Sealink, which was listed on the Main Board, opened at RM1.18, or seven sen below its IPO price of RM1.25. Uzma, which was listed on the Second Board, fared worse, opening at RM1.70, down 20 sen from its IPO price of RM1.90.

Within the first half hour, there were 4.68 million Sealink shares done at prices ranging from RM1.10 to RM1.19. At 9.30am, it was trading at RM1.12, down 13 sen.

Sealink is an integrated shipbuilder, owner and vessel operator based in Miri, Sarawak. It is expected to deliver 31% and 21% revenue and net profit growth in 2008, riding on its RM325mil orderbook.

Aseambankers Equity Research said the offer price of RM1.25 was pricey as it was based on 12.5 times FY08 earnings per share vis-à-vis local and Singaporean peers, which trade as low as 7.0 times.

Uzma’s shares saw lower volume traded, with only 99,800 units transacted at prices ranging from RM1.60 to RM1.90 in the first 30 minutes of trade. At 9.30am, it was trading at RM1.80, down 10 sen.

URL: http://biz.thestar.com.my/news/story.asp?f...05&sec=business