Gamuda = Perak Royalty (Raja Datuk Seri Eleena Raja Azlan Shah)

got "good" prospect in future

Single-tier second interim dividend of 6 sen per share

EX-date 15/07/2013
Entitlement date 17/07/2013
Payment date 31/07/2013

Gamuda Q3 earnings hit by one-off provision of RM113m

It said on Thursday the provision was for expenses in respect of the awards rendered by the Arbitral Tribunals in favour of the group's subcontractors. Excluding the provision, its profit from operations rose 10.7% to RM176.37mil from RM159.32mil.

Gamuda's revenue rose 28.3% to RM905.57mil from RM705.86mil. Earnings per share were 3.37 sen compared with 6.65 sen. It declared a single tier second interim dividend of six sen per share.

For the nine months ended April 30, its earnings fell 8.1% to RM373.72mil from RM406.80mil in the previous corresponding period. Its revenue increased by 20.5% to RM2.552bil from RM2.117bil.

On the Klang Valley Mass Rapid Transit Project involving the Sungai Buloh-Kajang Line, it said to-date, RM21bil worth of works packages have been successfully tendered and awarded ahead of schedule to various contractors.

"With 96% of the total contract value awarded, the project is on track to be completed by July 2017," it said.

Gamuda said construction of the main civil works including the elevated viaducts, stations and underground works were in full swing and the design for the systems works were in progress.

Range from rm4.42 to rm5.45

http://klse.i3investor.com/ptservlet.jsp?sa=pts&q=GAMUDA

Gamuda 4Q profit rises 19% yoy

Gamuda Bhd said its net profit for the fourth quarter to end-July 2013 rose 19.3% year on year to RM167.7 million.

For the quarter, it recorded revenue of RM1.3 billion as compared to RM969.8 million in the preceding corresponding quarter.

The increase in revenue and profit resulted from higher contributions from construction and water and expressway concessions divisions, said Gamuda.

For the full year to July 31, 2013, the group posted net profit of RM541.4 million, compared to RM547.3 million in the previous year. Revenue recorded was RM3.9 billion as compared to RM3.1 billion.

“The decrease in profit before taxation for current year to date resulted from the arbitral awards and other costs in respect of the awards rendered by the Arbitral Tribunals in favour of the Group’s subcontractors,” explained the company.

Gamuda director buys 6m shares

Gamuda Bhd director Datuk Ng Kee Leen bought six million shares of Gamuda on Sept 27, a filing with Bursa Malaysia showed.

He bought the shares at an average price of RM4.62 and raised his shareholding to 0.63% or 14.39mil shares.

Shares of the infrastructure and property based company closed at RM4.62, up three sen.

Kesas buyout helps unlock asset values

Gamuda Bhd’s purchase of the remaining 70% stake in Kesas Holdings Bhd will not only bode well for its earnings but enable the group to form a business trust.

With the group’s toll concession portfolio consisting of a 45% stake in Lingkaran Trans Kota Sdn Bhd (Litrak), 53% equity interest in Sistem Penyesuaian Trafik KL Barat (Sprint), and 50% stake in Stormwater Management and Road Tunnel (Smart), Gamuda would also be in a position to initiate a business trust should the Kesas acquisition materialise, said JF Apex Securities Bhd.

“We are slightly surprised by the proposed acquisition as the group was initially seeking to divest its stake in its local highway concessions,” said JF Apex analyst, Soong Wei Siang.

“However, we are positive about the deal as the offer value of RM875 million for the 70% remaining stake was 24.6% lower than our valuation of RM1.16 billion. We reckon that Gamuda is probably deploying a different strategy to unlock the value of its toll assets, thus the change of direction by acquiring more stakes instead of disposing them.”

On Monday, Gamuda announced that it had proposed to acquire the remaining 70% stake in Kesas Holdings, which it does not own, from Perbadanan Kemajuan Negeri Selangor (PKNS), Permodalan Nasional Bhd (PNB) and Amcorp Properties Bhd for a total cash consideration of RM875 million.

PKNS holds a 30% stake in Kesas Holdings Bhd while PNB and Amcorp each holds a 20% stake in the toll road operator.

Gamuda receives KDEB’s RM1.8b offer for SPLASH

Gamuda Bhd announced it has received a letter of offer dated Nov 21 from Selangor state investment arm KDEB for SPLASH Holdings’ water assets, with an indicative price of RM1.8 billion.

In a filing with Bursa Malaysia, the major infrastructure and construction group said the offer came with indicative terms in respect of KDEB’s proposed purchase of 100% equity in SPLASH Holdings, the holding company of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH), at RM1,834.6 million.

Gamuda noted it has a 40% equity interest in SPLASH Holdings.

But the offer, which will lapse after 5 pm of Dec 4 if acceptance is not received by KDEB, is conditional.

Among the conditions are:

(1) Acceptance of the offer by KDEB for the acquisition of the equity interest in:
(a) Syarikat Bekalan Air Selangor Sdn Bhd;
(b) Puncak Niaga Sdn Bhd; and
© Titisan Modal Sdn Bhd, the holding company for Konsortium ABASS Sdn Bhd

(2) Completion of a due diligence inquiry to be undertaken on SPLASH Holdings and SPLASH commencing seven days from date of acceptance of the offer and the results of such due diligence inquiry being satisfactory to KDEB.

(3) Approval from all relevant state and Federal authorities and regulators.

Gamuda fails to get PKNS acceptance on Kesas offer

Gamuda Bhd announced that at the close of offer at 5.00 pm today, it has only received acceptance from PNB in relation to its revised offer for PNB’s stake in Kesas Holdings Bhd.

This means that Gamuda can only control 70% of Kesas.

Last week, Gamuda raised its offers to the remaining shareholders of Kesas which had not accepted its earlier offer, namely Perbadanan Kemajuan Negeri Selangor (PKNS) and Permodalan Nasional Bhd (PNB).

Gamuda’s revised offer price for PKNS’ 30% stake in Kesas was RM420 million and for PNB’s 20% was RM280 million.

KWAP re-emerges as Gamuda substantial shareholder

Kumpulan Wang Persaraan (KWAP) has re-emerged as a substantial shareholder in infrastructure-property based Gamuda Bhd with the recent purchase of 2.90 million shares.
A filing with Bursa Malaysia on Tuesday showed KWAP had acquired the shares on Jan 10.
After the recent acquisition, its shareholding in Gamuda had increased to 5.12% or 117.74 million shares.

Something cooking?