Listing Sought: Main Market
Issue Price: RM 2.80
Par Value: RM 0.50
Offer Period Open: 3-10-13
Offer Period Close: 14-10-13
Tentative listing date: 1-11-13
Number of shares:
Public Issue: 611,800,000
Offer for Sale: Up to 231,380,000
Stock Code: UMWOG
INITIAL PUBLIC OFFERING (“IPO”) OF UP TO 843,180,000 ORDINARY SHARES OF RM0.50 EACH IN UMW OIL & GAS CORPORATION BERHAD (“UMW-OG”) (“IPO SHARES”) COMPRISING AN OFFER FOR SALE OF UP TO 231,380,000 EXISTING SHARES (“OFFER SHARES”) AND A PUBLIC ISSUE OF 611,800,000 NEW SHARES (“ISSUE SHARES”) IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE ENTIRE 2,162,000,000 ORDINARY SHARES OF RM0.50 EACH IN UMW-OG (“SHARES”) ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD, IN THE FOLLOWING MANNER:
(I) INSTITUTIONAL OFFERING OF UP TO 648,600,000 IPO SHARES TO MALAYSIAN AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS, INCLUDING BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED
BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”); AND
(II) RETAIL OFFERING OF 194,580,000 IPO SHARES TO THE ELIGIBLE DIRECTORS AND EMPLOYEES OF UMW-OG GROUP, THE ELIGIBLE DIRECTORS AND EMPLOYEES OF UMW HOLDINGS BERHAD (“UMWH”) AND ITS SUBSIDIARIES, THE ENTITLED SHAREHOLDERS OF UMWH AND THE MALAYSIAN PUBLIC, AT THE RETAIL PRICE OF RM2.80 PER SHARE (“RETAIL PRICE”), PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE BETWEEN THE RETAIL PRICE AND THE FINAL RETAIL PRICE IN THE EVENT THAT THE FINAL RETAIL PRICE IS LESS THAN THE RETAIL PRICE,
SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AND OVER-ALLOTMENT OPTION. THE FINAL RETAIL PRICE WILL EQUAL THE LOWER OF:
(I) THE RETAIL PRICE OF RM2.80 PER SHARE; AND
(II) THE INSTITUTIONAL PRICE,
SUBJECT TO ROUNDING TO THE NEAREST SEN.
UMW Oil & Gas offer oversubscribed by more than 10 times
Posted on October 4, 2013, Friday
KUALA LUMPUR: The institutional offer of UMW Oil & Gas Corp Bhd’s (UMW Oil & Gas) US$740 million initial share sale in Malaysia has been oversubscribed by more than ten times, according to a financial source with direct knowledge of the deal.
The institutional tranche, which makes up 15.11 per cent of the offering, has been mostly subscribed at the top end of a range set between RM2.70 to RM2.80 per share on the first day, the source told Reuters on yesterday.
At the top price, UMW Oil & Gas, an offshore and drilling services firm in Malaysia, will raise up to RM2.36 billion (US$731.33 million), making it the largest IPO in Malaysia so far this year.
The range values the company, a unit of state-linked conglomerate UMW Holdings Bhd, at a forward price-to-earnings ratio of 17.7 to 18.3 times.
UMW Oil & Gas officials declined to comment.
The firm’s parent plans to take RM647.9 million of the proceeds to pay debt and finance capital expenditure, while UMW Oil & Gas will use the remaining RM1.7 billion to buy rigs, clear debts and pay listing expenses.
The final pricing is expected to be fixed on October 17, with listing on the local bourse scheduled on November 1, according to its prospectus launched yesterday.
CIMB, Credit Suisse, Goldman Sachs and Maybank are the joint global co-ordinators for UMW Oil & Gas, and also the joint bookrunners with Standard Chartered. - Reuters
UMW Oil and Gas indicative retail price at RM2.80 per share
KUALA LUMPUR: UMW Oil & Gas Corp Bhd has set an indicative retail price at RM2.80 per share under its listing exercise on the Main Market of Bursa Malaysia, valuing the company at RM6.05bil.
In its prospectus issued on Thursday, it said the IPO would involve up to 843.18 million shares of 50 sen each, comprising of an offer for sale of up to 231.38 million existing shares and a public issue of 611.80 million new shares.
Based on the public issue of 611.80 million new shares, this would enable it to raise RM1.71bil.
The offer shares are in conjunction with the listing of the entire 2.162 billion shares, which would see its market capitalisation at RM6.05bil.
Under the listing exercise, the institutional offer is up to 648.60 million IPO shares to Malaysian and foreign institutional and selected investors, including Bumiputera investors at the institutional to be determined by bookbuilding.
The retail offering of 194.58 million IPO shares would be for eligible directors and staff and Malaysian public at the retail price of RM2.80 per share.
The tentative listing date is Nov 1.
On its dividend policy, UMW O&G said while it does not have any fixed policy, “we intend to adopt a policy of active capital management”.
Its president Rohaizat Darus said with UMW-OG's planned debut on Bursa Malaysia soon, it would continue to strive for superior operational and financial performance to achieve sustainable long term growth.
“Our regional expansion is also on track with the award of three new contracts in the last six months, in addition to another contract in Thailand, which bodes well for the company's prospects moving forward," he said.
-- The Star