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Author: value_investor   |   Latest post: Fri, 21 Nov 10:49


Maybulk's associate POSH Semco seeking listing in Singapore

Author: value_investor   |   Publish date: Tue, 30 Jul 10:26   |  >> Read article in Blog website

Offshore marine services provider POSH Semco, controlled by Malaysia's richest man Robert Kuok, is seeking to list shares in Singapore in a deal worth S$300m to S$500m, sources said. The deal is expected to be launched in September or October, two people with direct knowledge of the deal told Reuters. POSH Semco's market capitalisation is expected to reach nearly US$1bn after its shares are listed. POSH Semco owns and operates a fleet of more than 100 vessels, providing support for offshore oil and gas activities. One source said the figures were preliminary as the deal has yet to be launched and that POSH Semco has not determined how existing and new shares will be sold in the IPO. (BT)

Malaysian Bulk Carriers (Maybulk) owns a 21.23% stake in POSH Semco after purchasing the stake from Pacific Carriers (a Kuok-backed company) for US$221m in 2008. Under its purchase agreement to buy the stake in POSH Semco, Maybulk has the option to sell it back to Pacific Carriers for US$276.25m (25% premium to the purchase price) if POSH is not listed by end-2013. Based on POSH Semco's speculated market capitalisation of nearby US$1bn, Maybulk's stake is valued at almost US$212.3m, lower than the value the company can reap from the put option.

Source: CIMB Daybreak - 30 July 2013
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