CIRCULAR TO SHAREHOLDERS IN RELATION TO THE (I)\PROPOSED SETTLEMENT OF DEBT OWING TO DATO' FARUK BIN OTHMAN AND FORAD HOLDINGS SDN BHD VIA THE ISSUANCE OF 54,585,152 NEW ORDINARY SHARES OF RM0.20 EACH IN APFT BERHAD ("APFT" OR "COMPANY") ("APFT SHARES") ("SETTLEMENT SHARES") AT AN ISSUE PRICE OF RM0.2748 PER SETTLEMENT SHARE;(II)\tPROPOSED ACQUISITION OF 2,550,000 ORDINARY SHARES OF RM1.00 EACH IN PT TECHNIC (M) SDN BHD ("PTTSB"), REPRESENTING 51% EQUITY INTEREST IN PTTSB FOR A PURCHASE CONSIDERATION OF RM30.6 MILLION TO BE SATISFIED VIA A COMBINATION OF RM10.0 MILLION IN CASH AND ISSUANCE OF 74,963,609 NEW APFT SHARES ("CONSIDERATION SHARES") AT AN ISSUE PRICE OF RM0.2748 PER CONSIDERATION SHARE; (III)\tPROPOSED DIVERSIFICATION OF THE EXISTING BUSINESS OF APFT AND ITS SUBSIDIARIES TO INCLUDE ENGINEERING, PROCUREMENT, CONSTRUCTION AND COMMISSIONING BUSINESS IN THE OIL AND GAS AND PETROCHEMICAL INDUSTRIES;(IV)\tPROPOSED INCREASE IN AUTHORISED SHARE CAPITAL OF APFT FROM RM50,000,000 COMPRISING 250,000,000 APFT SHARES TO RM100,000,000 COMPRISING 500,000,000 APFT SHARE ("PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL"); AND(V)\tPROPOSED AMENDMENT TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF APFT AS A CONSEQUENCE OF THE PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL ("PROPOSED AMENDMENT")
Published: Monday December 30, 2013 MYT 12:17:00 PM Updated: Monday December 30, 2013 MYT 12:54:48 PM APFT to boost revenue through O&G acquisition, aviation biz overseas
by intan farhana zainul
PETALING JAYA: Aviation training provider APFT Bhd is aiming to turn around its fortunes by financial year 2014 (FY14) by venturing into the oil and gas industry as well as expand its civil aviation training expertise to Indonesia and India.
“We are targeting to complete the acquisition deal of O&G company, PT Technip Sdn Bhd by next month,” said chairman Datuk Faruk Othman to reporters after the company’s EGM on Monday.
APFT shareholders gave the green light at the EGM for the company to proceed with its plan to acquire 51% in PT Technic for RM30.6mil, of which RM10mil would be in cash and the rest via issuance of new APFT shares.
StarBiz had previously reported that the company was proposing to acquire PT Technic as part of its plan to diversify its earnings base by venturing into the O&G industry.
“Once the acquisition is completed, we would be able to clock in RM3mil guaranteed profit from PT Technic in our FY13, which ends March 31,” Faruk said.
“Going forward, (we foresee) 50% of APFT earnings will be contributed from our O&G arm, with the rest from our core business,” he added.
Currently, the company’s core business is to provide training, education and services in the civil aviation field. It is the only authorised flight training organisation licensed by the Department of Civil Aviation Malaysia to conduct training for helicopter pilots nationally.
Faruk said APFT’s core business had also shown brighter prospects as the demand for pilots was increasing.
“Both our licence to run training school in India and Indonesia have been approved, and currently we have 12 students in India, while for Indonesia, we are aiming to start the school by March next year,” he added.
In the meantime, the first nine months to Sept 30 saw APFT’s net loss widening to RM11.4mil from a net loss of RM3.08mil in the same period a year ago. Revenue in the same period fell to RM14mil from RM16.9mil a year ago.
share this info, http://www.pttechnic.com/index.htm just waiting the right time to fly high. spoken already but nobody believed, top 0.50 after acquisitions complete. (internal source)
PTT Technips is a poor performer company. The existing parent company Hiap Seng Engineering Ltd disposed this company to cut loss. Unbill is not mean profit as the mgmt to win project with competitive margin high risk to build the figure.The Faruk family also want to cash out. small investors always the loser. Beware. The acquisition is also overpriced with injected figure. There will be more surprise and sensation news. But not the good one.
Need to see who ppls in which campany to do oil & gas business. This is the point. Who giv O&G contract to APFT. Who is at the back of APFT. That why APFT's CEO can promised will earn money in O&G sector.
NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
APFT BERHAD (¿APFT¿ OR THE ¿COMPANY¿)ACQUISITION OF 2,550,000 ORDINARY SHARES OF RM1.00 EACH IN PT TECHNIC (M) SDNBHD (¿PTTSB¿), REPRESENTING 51% EQUITY INTEREST IN PTTSB FOR A PURCHASECONSIDERATION OF RM30.6 MILLION TO BE SATISFIED VIA A COMBINATION OF RM10.0MILLION IN CASH AND ISSUANCE OF 74,963,609 NEW ORDINARY SHARES OF RM0.20 EACHIN APFT (¿CONSIDERATION SHARES¿) AT AN ISSUE PRICE OF RM0.2748 PERCONSIDERATION SHARE (¿ACQUISITION¿)You are advised to read the full announcement at http://www.bursamalaysia.com.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
twngxxxx
137 posts
Posted by twngxxxx > 2013-12-04 15:55 | Report Abuse
best buy 0.295.........
dato selling at 0.30.......