- Icon Offshore to raise RM944.9m from IPO
- CIMB Research maintains Add on Muhibbah
- Report: Siemens to eliminate 11,600 positions
Posted: 29 May 2014 07:16 PM PDT
KUALA LUMPUR: Icon Offshore Bhd, which is seeking a listing on the Main Market of Bursa Malaysia Securities, plans to raise RM944.91mil from initial public offer (IPO) of 510.76 million shares.
According to its prospectus issued on Friday, the shares would be offered at an indicative retail offer price of RM1.85 a share.
The IPO of 510.76 million shares comprise of 289.02 million existing shares and 221.74 million new shares.
Upon listing, its enlarged paid-up share capital would be 1.177 billion shares of 50 sen each.
Posted: 29 May 2014 07:13 PM PDT
KUALA LUMPUR: CIMB Research has maintained its Add on Muhibbah Engineering with a target price of RM3.48, it said in a note on Friday.
The research house said Muhibbah's annualised 1Q14 core net profit made up 86% of CIMB's and 80% of consensus full-year forecasts.
"This is deemed in line as subsequent quarters should be better, driven by the record-high crane order book of RM1.1bil.
"We expect the infra division to play catch-up, as over RM2bil worth of its tenders are focused on Petronas' Rapid project. A 20%-30% success rate over the next 18 months is achievable, in our view," it said.
CIMB added that it is positive about the company's outlook and its RM61.4mil civil works job for a domestic gas terminal should kick-start other catalysts in the medium term.
Though the project is small in value, it is positive on this win as it starts the ball rolling for the replenishment of the group's infrastructure order book, which previously stood at RM704mil.
"Things are bound to get even better in 2H - we believe the award flows for Rapid infra works will gather momentum in 2H.
"Its Rapid tenders amount to a total of RM2bil-RM3bil. A success rate of 20%-30% is achievable given the industry shortage of specialised contractors for oil & gas and marine-related infra," it said.
Posted: 29 May 2014 07:04 PM PDT
Siemens AG's chief executive said the European giant will cut 11,600 positions as the company reduces costs by about 1 billion euros (US$1.36 billion), Bloomberg reported on Friday.
Some 7,600 will be cut through streamlining and the creation of a new divisional structure, and another 4,000 from regional clustering, it reported, citing CEO Joe Kaeser as saying in a webcast conference from New York on Wednesday.
Kaeser said some employees will be assigned other roles, Bloomberg said.
"A certain amount of people do stuff for co-ordinating things, analyzing things," said Kaeser. "About 20 percent of those we believe can be put to work elsewhere, but not there. They can be taken out of the system because the work goes away."
Siemens unveiled a long-awaited restructuring earlier this month in a drive to catch up with more profitable competitors.
As part of the overhaul, dubbed "Vision 2020" the company said it was taking out a layer of management by cutting back to nine core divisions, publicly listing its hearing aid business and separating out management of its healthcare business.- Reuters
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