Klik GAMBAR Dibawah Untuk Lebih Info

Sumber Asal Berita :-

The Star Online: Business

Petronas not involved in deals on Brazil oil blocks
Ingress surges to 9-year high on takeover offer
Yung Kong targets RM500mil revenue on rising steel demand

Petronas not involved in deals on Brazil oil blocks

Posted: 16 Apr 2013 06:45 PM PDT

Published: Wednesday April 17, 2013 MYT 9:45:00 AM

KUALA LUMPUR: Petroliam Nasional Bhd clarified on Wednesday it had not entered into any agreement over the oil blocks in Brazil.

It issued the statement following news reports about its possible acquisition of OGX Petroleo & Gas Participacoes SA (OGX)'s interest in the Tubarao Martelo oil block in Brazil's Campos Basin.

"Petronas has not entered into any agreement with OGX or any other party with regards to any oil blocks in Brazil," it said.

Bloomberg reported Brazilian billionaire Eike Batista was seeking to sell 40% of the Tubarao Martelo oil block in Brazil's Campos Basin for US$1bil (RM3.04bil) as soon as next month, a person with direct knowledge of the matter said.

OGX Petroleo & Gas Participacoes SA, the oil producer controlled by Batista, is in advanced talks with Petroliam Nasional Bhd (Petronas), said the person, who requested anonymity because the negotiations were private.

Batista, 56, is selling assets and reshuffling management teams at his interlinked commodities and logistics units amid investor concerns that the billionaire's businesses were losing access to financing.

Shares at his public companies have declined as much as 90% in the past year after OGX cut oil output targets, erasing more than US$27bil of Batista's personal fortune since March 2012.

Ingress surges to 9-year high on takeover offer

Posted: 16 Apr 2013 06:41 PM PDT

Published: Wednesday April 17, 2013 MYT 9:42:00 AM

KUALA LUMPUR: Ingress Corp Bhd's share price surged to RM1.79 in early trade on Wednesday, which was more than nine-year high after a conditional takeover offer at RM1.85 a share.

At 9.32am, it was trading at RM1.78, up 14 sen. There were 2.84 million shares done at prices ranging from RM1.78 to RM1.79.

The FBM KLCI was up 6.25 points to 1,706.78. Turnover was 101.21 million shares valued at RM116.58mil. There were 190 gainers, 72 losers while 156 counters were unchanged.

On Monday, Ingress' three major shareholders, who collectively own 29.81%, have made a conditional takeover for the shares that they do not own.

The three shareholders - Ramdawi Sdn Bhd, executive vice chairman Datuk Rameli Musa and founder Datuk Dr Ab Wahab Ismail - offered to takeover Ingress for RM1.85 sen a share or RM109mil.

The takeover offer at RM1.85 a share is 27 sen or 17% above Monday's closing price of RM1.58 but a discount of 33% to its latest book value of RM2.77. The joint offerors have stated that the offer for the remaining stake of 70.19% would be in cash.

They also said they did not plan to maintain the listing status and they did not intend to take any steps to address the shortfall in the public shareholding spread of Ingress.

Ingress said its board would appoint an independent adviser in due course to advise on the reasonableness of the offer.

Yung Kong targets RM500mil revenue on rising steel demand

Posted: 16 Apr 2013 06:32 PM PDT

KUCHING: Yung Kong Galvanising Industries Bhd (YKGI) targets group revenue to hit the RM500mil mark this year on improving demand for its products as the local steel industry recovers from its doldrums.

Managing director and chief executive officer (CEO) Datuk Soh Thian Lai said sales of steel products had picked up as reflected by a 44% jump in YKGI group's turnover to RM139mil in the first quarter ended March 31, 2013 from RM96.5mil in the same period last year.

The company returned to the black with a group pre-tax profit of RM2.63mil for the first quarter from a loss of RM3.07mil in the same quarter last year.

"Our group has RM100mil worth of outstanding orders to be delivered. We expect a 25% increase in group production to 250,000 tonnes this year from about 200,000 tonnes last year," Soh told StarBiz after YKGI's EGM here yesterday.

He said the group recorded about RM460mil in turnover last year, adding that the highest annual revenue it had registered so far was RM480mil before the industry's downturn.

YKGI, which has manufacturing facilities in Selangor and here, is Malaysia's top three flat steel producers among the seven players.

The group's main products are pickled and oiled coils, cold rolled coils, galvanised iron coils and pre-painted galvanised iron coils.

Soh said the steel industry in Peninsular Malaysia had benefited from better profit margins on increasing demand and that the company was confident the current demand could be sustained.

He said YKGI's average gross profit margin had risen to 10.2% from 7% a year ago. The company hopes to raise it by a further 5% by June.

He said the local steel industry experienced a turnaround after prices of steel products in China and Japan moved up early this year.

According to Soh, YKGI group sourced 100% of its imported raw material and hot rolled coils from Nippon Steel Corp, which has a 10% equity interest in YKGI.

He said as Nippon Steel was Japan's biggest and the world's second largest steel mill owner with an annual production of 55 mil tonnes, it was able to lower production cost.

"Besides the competitive price, Nippon Steel guarantees high quality and a constant supply of the raw materials to us," he added.

At the EGM, shareholders approved a series of corporate proposals, including fund-raising.

YKGI is expected to raise net proceeds of RM42.95mil from a private placement and restricted issue of new 50 sen shares to substantial shareholder Marubeni-Itochu Steel Inc.

The private placement of more than 39.1 milllion shares representing 20% of the company's existing issued and paid-up capital will raise gross proceeds of RM19.55mil.

Soh has agreed to subscribe to a minimium of 10 mil placement shares and the remaining new shares would be placed out to third party investor.

The restricted issue of 48.8 mil shares to Marubeni-Itochu Steel Inc will raise gross proceeds of RM24.4mil. From the gross proceeds, RM1mil will be used to pay for the expenses of the corporate exercise.

Soh said the proceeds would be used as the company's working capital within 12 months.

Also approved was the proposed acquisition of the remaining 45.52% equity interest in Starshine Holdings Bhd for RM16.6mil to be satisfied via the issuance of 33.2 mil new 50 sen shares.

On completion of the acquisition, Starshine will become YKGI's wholly-owned subsdiary. Starshine group is principally involved in the manufacturing and trading of both long and flat steel products.

The EGM also gave its nod to a bonus issue of up to 38.2 mil new shares on the basis of one bonus share for every 10 existing shares held on an entitlement date to be determined later.

Shareholders will also get three free warrants for every 10 YKGI shares. The exercise will involve the issuance of up to 114.6 mil new warrants.

The bonus shares and free warrants will only be issued after the completion of the acquisition of Starshine, private placement and restricted issue.

"Marubeni-Itochu's stake in YKGI will be increased to over 26% from 18.4% upon completion of the restricted issue," said Soh. Marubeni-Itochu has been YKGI's major foreign shareholder since 1983.

Nippon Steel's stake in YKGI will, however, be diluted to 7% after the corporate exercise

Soh said the combined stakes of Marubeni-Itochu and Nippon Steel would jump to one-third of YKGI's expanded capital of RM165mil upon completion of the entire corporate exercise expected by next month.

Kredit: www.thestar.com.my

Selasa, 16 April 2013