Journey to Wealth
JIT News - Perisai, Genting HK, PetGas/PetChem, CIMB, E&O/Sime Darby ...
Perisai: Market talk was that Perisai might announce two rig contracts very soon. The first acquisition could be a stake in Emas Offshore's (EOC) floating, production, storage and offloading (FPSO) vessel. In return, Perisai could either issue shares or raise capital through a rights issue (rumoured to be priced at RM1.20). Estimate shows that securing a 50% stake in the US$300mil FPSO vessel is expected to raise Perisai's fair value by RM300mil or 53 sen a share, assuming a project internal rate of return (IRR) of 15%, and enhance its earnings by RM38mil per annum. Meanwhile, the market is speculating a second asset acquisition but the value is unknown at this juncture. Regardless this will also serve a catalyst to re-rate the stock.
Genting HK Ltd: Genting Hong Kong Ltd, the cruise ship company controlled by Lim Kok Thay, has applied to lift its stake in Echo Entertainment Group Ltd to 25 percent amid a fight with billionaire James Packer over Sydney's only casino.
PetGas/PetChem: PKR official said if the opposition coalition is voted into power in the coming 13th GE, the new federal government will review the economic needs of the massive rm50 billion RAPID in Pengerang, Johor.
CIMB: Sources say OCBC and CIMB Group Holdings Bhd are considering bidding for General Electric Co's US$1.6 billion stake in Thailand's Bank of Ayudhya Pcl.
Sime Drby/E&O: In the CG report, CLSA opines that Sime Darby may eventually undertake a GO voluntarily to ensure better control and reap synergistic benefits for a merged property decision. A voluntarily MGO is certainly one way to resolve this whole corporate governance issue. However Sime Darby has not indicated that it plans to do so. Sime Darby does not need to make an offer price of rm2.30 as the six month period prescribed under the Malaysian Code on Takeovers and Mergers 2010 has elapsed. Sime Darby could make an offer of rm2.00 which is roughly a 20% premium to the current market price of rm1.70. While this is a fair premium for an MGO, some say it is only fair that they make the same offer of rm2.30.
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