Kanasai I only entitle 330 share only cos I have 5 lots of success transformer.
Written by Jenny Ng
Wednesday, 14 April 2010 21:26
KUALA LUMPUR: Seremban Engineering Bhd (SEB), which will be listed on Bursa Malaysia Securities' Main Market next month, is tendering for RM50 million worth of contracts, said its executive director Penny Wong.
"Up to March 31, we have an order book of RM13.9 million and we are tendering for RM50 million jobs locally and abroad at this moment," Wong said at the launch of SEB's initial public offering (IPO) prospectus here on Wednesday, April 14.
While the palm oil sector remains the company's main focus, it is diversifying into other high-growth sectors, namely oil and gas (O&G), waste management, food processing and pharmaceuticals.
"Palm oil is already a major contributor for many years with a stable clientele, we will definitely maintain and grow this business but we need to have more businesses and these are the new sectors we are going into," Wong said.
She said the palm oil sector contributed up to 80% of SEB's revenue in the last few years but contribution from O&G and waste management was expected to grow, reaching 10% over the next three years. The balance is expected to come from the chemical and food industries.
"We are actively expanding in O&G and waste management, and not forgetting food and pharmaceuticals. In waste management, we have signed some collaboration and we are looking for strategic partners on the oil and gas side," Wong said, without disclosing further details.
SEB is an engineering company and fabricator of process equipment for various industries, mainly palm oil, O&G, food and waste management. It fabricates a wide range of mission-critical process equipment and metal structures. SEB, which recorded revenue and net profit of RM69 million and RM9.2 million in the financial year ended Dec 31, 2009, has ventured into more than 30 countries, with the bulk of contracts coming from Indonesia.
It recently completed Southeast Asia's largest sludge treatment plant in Singapore and a fabrication project for an oil refinery operator in Malaysia.
The company is issuing 19.9 million new shares and offering 8.1 million vendor shares of 50 sen each at an issue price of 85 sen a share.
Of the total 28 million shares, 8.1 million shares are offered to shareholders of its parent company Success Transformers Corporation Bhd, on a one-for-15 basis, 3.5 million shares to the directors and staff, 10 million shares to be placed out to bumiputera investors approved by the Ministry of International Trade and Industry, and 6.5 million shares to the Malaysian public.
The exercise will raise RM16.9 million for SEB and RM6.9 million for Success Transformers. Of the RM16.9 million, RM9 million will be allocated for capital expenditure, RM3 million for repayment of borrowings, RM2.9 million for working capital and RM2 million for listing expenses.
RHB Investment Bank Bhd is the principal adviser, sole underwriter and placement agent for the IPO.
1 comments:
share right 1:15 was announced long ago what, lol