Sarawak-based Sealink International Berhad one of the major integrated service providers in the Malaysian offshore oil and gas industry, yesterday announced an oversubscription rate of 0.03 times for the public portion of 28.37 million Sealink Shares at the company’s balloting session held at the Malaysian Issuing House Sdn Bhd.
Sealink IPO(Initial Public Offering) comprises of a total Public Issue of 113,370,000 new ordinary shares and an Offer For Sale of 15,000,000 ordinary shares at an Issue/Offer price of RM1.25 per ordinary share.
“I am pleased and happy to have received a good response from the public for our IPO subscription despite the subdued mood in the equity capital market. I believe that our subscribers are medium to long term investors who want to participate in the growth and success of our company, hence my board of directors and I will continue to work hard to further improve the company’s performance and consequentially improve shareholder’s value.”, said Mr. Sam Yong, Chief Executive Officer and Deputy Managing Director of Sealink.
“Our foundation and historical performance coupled with our ability to balance good earnings between our ship chartering and ship building businesses augurs well for our future moving forward. In this, we aim to be one of the leading integrated services providers in building and operating a diverse fleet of offshore marine support vessels in the Asia Pacific Region” he added.
In the company’s recently issued prospectus, Sealink have forecasted a proposed dividend payout of 4 sen per Share for Financial Year Ending (FYE) 31 December 2008. The company’s forecast profit after tax is RM50 million on the back of a forecast revenue of approximately RM213.3 million for FYE 31 December 2008.
Sealink is expecting increases in revenue from both its chartering of vessels and contract revenues of shipbuilding arising from sales to third party to RM80.4 million and RM132.8 million respectively for FYE 31 December 2008. This is essentially attributed to the increase of demands for vessels in the oil and gas industry whereby the current construction of 15 vessels in the Sealink shipyards are expected to be completed for delivery and charter services by end of 2008.
“I am confident of meeting the forecast figures for our financial year 2008 as both our 1st and 2nd quarter results have been encouraging.”, added Sam Yong.
In line with its listing on the Main Board of Bursa Malaysia Securities Berhad, Sealink has plans to expand its current fleet of 29 vessels to 40 vessels in the next 3 years and project to invest in access of RM300 million over this period. For the year, the company has taken delivery of a vessel and will take delivery of another vessel this month. Apart from that, the company also aims to expand and upgrade its shipyard production capacity from 15 vessels per year to 20 vessels per year and increase efficiency through an investment of RM50 to RM 100 million over the next 3 years.
Sealink as ship owner, builder and operator, has 2 shipyards located in Miri, Sarawak. The company’s customers include both local and international companies from the United States of America, Australia, China, India, Latin America, Europe, East Africa, Southeast Asia and Middle East.
Sealink (STOCK NAME : SEALINK) shall be listed on the Main Board of Bursa Malaysia Securities Berhad on 29 July 2008 under the industrial sector.
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