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The rights issue would be on the basis of RM6 in nominal value for every 100
existing shares.
We are positive on the fund raising through right issue of convertible bond.
This will help to strengthen Scomi Energys balance sheet with minimal
dilution effect in near term.
Besides funding for Ophir field, we believe the fund raised might also be
preparation for potential integrated project management (IPM) contract win in
the future, it said.
For Example:
Public issue through Prospects
Bumi
independent
Soedarsono evaluates
that the
approved rights issuance will likely improve the companys work performance by covering
up the debts that it owes.
The price of coal is also improving, and will also give a positive outlook for the future, he
said after the shareholders meetings at the Gran Melia Hotel in Jakarta.
M. Saladdin, one of Bumis shareholders who approved of the rights issue, said the
atmosphere inside the meeting was tense as several shareholders questioned the companys
decision to issue rights shares to solely cover its debts.
But I understand they have no other choice. The increased price of coal is also of concern,
Saladdin told The Jakarta Post on Monday evening.
Bumis majority shareholder Long Haul Holdings Limited will take new shares that are
unsubscribed to, equal to $150 million, and Castleford will absorb 6.9 billion new shares.
The $150 million from Long Haul will be used to pay part of the debts to CFL. The share
allocation to Castleford is for the conversion of the companys debt into shares, Bumi said in
its previous statement.
PT Danatama Makmur is serving as a standby buyer, which will absorb up to Rs. 2.04 billion
new shares.
Hoang Quan Consulting Trading Service Real Estate Corporation (HQC) announced it has
selected three strategic investors, all domestic construction companies, for a sale of 50
million shares.
HA NOI (VNS) Hoang Quan Consulting Trading Service Real Estate Corporation (HQC)
announced it has selected three strategic investors, all domestic construction companies, for a
sale of 50 million shares.
The property developer plans to issue 110 million shares to raise its charter capital to VND2
trillion (US$95 million) this year, of which 50 million will be offered to strategic investors in
a private placement at the face value of VND10,000 ($0.48) a share.
Bao Linh Housing Development & Construction Investment Joint Stock Company will be
offered 10 million shares, while both Indochina Real Estate Development Investment
Company Limited and Binh Thuan Construction and House Trading Joint Stock Company
will buy 20 million shares each.
The placement will be carried out in the next three months and HQC expects to raise
VND500 billion ($24 million) from this issue. As shares are issued at par value, transfer will
be restricted to one year.
In addition, the company will issue 30 million shares to its existing shareholders at the price
of VND10, 000 per share. Proceeds of these two issues will be put into four apartment
construction projects in HCM City.
HQC shares are being traded below par value. The shares hit the ceiling price yesterday at
VND7, 900 ($0.38) per share.
HQC posted a net profit of just VND6.5 billion ($308,000) in the first half of this year, only
half of the same period last year. This number is far below the yearly after-tax profit target of
VND150 billion ($7.1 million). VNS
HLIB Research said assuming conversion price of 75 sen and full conversion of the bonds,
the share base will be enlarged by 8% from 2.34 billion shares to 2.53 billion shares.
Gross gearing will fall from 0.7 times to 0.6 times. However, we believe the dilution will be
minimal or even offset as they are only convertible after second anniversary of the issue date
and potentially more integrated project contracts, it said.