7206 RAMUNIA RAMUNIA HOLDINGS BHD Proposed Change of Company Name
Current Stock Name: RAMUNIA Current Company Name: RAMUNIA HOLDINGS BERHAD Proposed Company Name: TH Heavy Engineering Berhad Remarks: The Proposed Change of Name will be effective from the date of issuance of the Certificate of Incorporation on Change of Name by the Companies Commission of Malaysia ("CCM")
Ramunia will be awarded the project once it receives a bank guarantee from financial institutions willing to back the company’s participation in it, says a source.
KUALA LUMPUR: Ramunia Holdings Bhd, an oil and gas company partly owned by Lembaga Tabung Haji, is close to securing a RM150 million contract from a unit of Shell Malaysia, sources said yesterday.
It is understood that the contract is from Shell Malaysia’s upstream operating company Sarawak Shell Bhd.
Just two weeks ago, Shell Sarawak and its partner Petronas Carigali Sdn Bhd signed two new exploration and production sharing contracts (PSCs) offshore Sarawak with Petroliam Nasional Bhd.
According to Shell, the minimum financial commitment for activities in the two blocks would be in the region of US$145 million (RM444 million) over the next four years.
“Yes, the contract is in Sarawak. Ramunia will be awarded the project once it receives a bank guarantee from financial institutions willing to back the company’s participation in it,” said the source.
Business Times was told that an announcement could be made by as early as next week, and that winning the project would help speed up Ramunia’s exit from the Practice Note 17 category (PN17).
PN17 companies are those that face some financial difficulties and need to regularise their accounts to help justify their existence as an ongoing business entity.
Bursa Malaysia Securities had on January 19 approved Ramunia’s regularisation plan.
Under the plan, Ramunia is proposing a renounceable two-for-five rights issue of up to 391.441 million new shares at an indicative issue price of 40 sen per rights share.
The script exercise if fully subscribed will help raise some RM156.6 million.
The money from the rights issue is expected to be used to buy a fabrication yard in Pulau Indah for RM83.8 million from Oilfab Sdn Bhd.
Ramunia also has the backing from Lembaga Tabung Haji, which owns a 25.17 per cent stake in the company, to subscribe for its entitlement under the proposed rights shares.
It is further understood that upon completion of the exercise, the company’s name will be changed to Tabung Haji Energy Bhd.
Will Tabung Haji push the price up so that the bosses in Tabung Haji will look good for having their investment "appreciate" in Ramunia? ... points to ponder ...
Its par value is 50 sen, right? And it has started to make profits, with new contracts and will apply for the PN17 status to be lifted. Based on these, Ramunia should go up in the near future. But this matter about a rights issue - does anyone have more information about it, please?
TH Heavy Engineering and TH Energy - I would prefer the second name. The first is a bit long. Will it be listed in the trading screen and newspapers as "THHE"? Having an acronym like this would result in vagueness. Like MEGB how many would immediately know that this is Masterskill? TH Energy sounds and looks a lot nicer. And what's wrong with plain old Ramunia for that matter?
But anyway, things look better now. It is on the road to recovery and the rights issue should give it enough capital to really participate in the oil & gas industry. I believe the price will appreciate to above its par of 50 sen soon.
For info tabung haji already is already already control ramunia since the last 3 years because TH is the single majority share holder, top people i.e CEO was appointed by TH. Last time TH bought ramunia back in 2006-2007a on the anticapating that MISC will takeover ramunia but the plan was aborted. At that time the ramunia share range 1.30 -1.90. After selling the yard at teluk ramunia to Sime darby which Sime later sold it to petronas for RAPID Project, ramunia bought a new yard at Pulau indah from oilcorp to restart it bussiness again under Tabung Haji, with new management. All the old management no longer there. Whatever it is i believe this counter will FLYY soon.VERY VERY SOON......this is my opinion and my instinct only.
Those who did not buy ramunia sure will regret. .u all will see this week..may be tomorrow..it will fly real fly...let we all see THIS WEEK.... still not to late for those who are still notconfident about this counter to join the plane and FLY TOGETHER.....
Ramunia will fly 1st TP55sens and soon to TP63sens...
Reasons, TH management CEO of ramunia (appointed by TH) has bought 1mill shares Spearheading with Shell projects and many more projects to come 1 of 5 fabricator licenced holder in Malaysia Will change Ramunia to TH Heavy Engineering BHD THHE will service all TH marine fleets Expanding company major share holder by TH, will definitely wont let their investment to loss
Cons I dont see any divident payout since fabrication business gives very tight margin of profit if all projects executed on time
the same CEO who has turn LITYAN(now THETA) a PN17 company in which TH is majority sharehoder from 26 sen goreng up to more than RM 3 last few year back...
The par value is 25 sen, not 50 sen as I had mentioned previously. Now it makes sense, the proposed rights issue of 0.40 - a rights issue must be priced at least the same as the par value, not less.
But doesn't matter - based on the news and facts, especially its last quarter report and the new contracts obtained, I'm of the same opinion as @ramlighani. I believe Ramunia has become a better company than it previously was. The rights issue will result in it having enough capital to take it to a higher level.
big add will come out on paper regarding the change of Ramunia to TH Heavy Enginnering this week on the 28 June, the day Felda Listing..i believe it will be goreng time.....still got time to grab...
Tak apa - seems to have strong support at 0.41. It went up a bit too fast when it hit 0.45 so there's bound to be some correction. The contra contracts from this oversold period are already over so we should see it having a more solid foundation for the next upswing. It won't be too long before the PN17 status is lifted - this should serve as an impetus to push the price above 0.50 in the coming weeks.
From StarBiz yesterday: "TH Heavy pulled back from a 9½-month high of 45 sen on June 25 to a low of 41 sen on Friday before bouncing off slightly. With the stochastic in an oversold position and the 14-day relative strength index ticking up from mid-range, they offer hopes of a resumption of recovery, with significant resistance anticipating at 51-51.5 sen. Stronger support is seen at the 38-sen mark."
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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....
Tan Lillian
6 posts
Posted by Tan Lillian > 2012-02-10 20:39 | Report Abuse
Any news on this stock?