Monday u need to go up loh, plsssssssssssss
Written by Joseph Chin
Friday, 05 February 2010 19:06
KUALA LUMPUR: SCOMI MARINE BHD [] expects to gain S$61.5 million from the sale of its 29.07% stake in CH Offshore Ltd Falcon Energy Group Ltd for total cash consideration of S$143.5 million.
It said on Feb 5 the stake comprised of 205 million shares while its original cost of investment in CH Offshore was S$82.0 million on Sept 30, 2005.
The proposed disposal would enable Scomi Marine to raise S$143.5 million (RM348.7 million) to repay borrowings and/or working capital and defraying the expenses. Upon repayment of borrowings, the group's net gearing position is expected to improve.
To recap, CH Offshore was incorporated in Singapore on March 31, 1976 as a private company. On Feb 13, 2003, it was converted into a public company and listed on the Singapore Exchange on Feb 28, 2003.
CH Offshore owns and operates vessels to support and service the offshore oil and gas industry mainly in Indonesia, Australia, Latin American and Middle East. Its offshore support services are involved in offshore exploration, development and production activities.
For the financial year ended June 30, 2009, CH Offshore posted an audited consolidated profit after tax of US$56.2 million and its audited net assets as at June 30, 2009 was US$187.4 million.
2 comments
Bro CK,
i only manage to buy 4 lot then it suspend on 4.50pm thursday. I thought i could buy more friday as expected it will be a drop. kns.... hope still manage to get in low
CH Offshore loooks like a profitable company to be disposed off. Scomimr borrowing is way too high d.. dunno if it was a good decision by the board...