IPO: Sealink International Berhad 新股推介

申请时限 ： 30/6/2008-14/7/2008
上市日期 ： 28/7/2008
上市版面 ：主要交易版
上市价格 ：每股RM 1.25
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Sealink to raise RM141.7m from IPO

KUALA LUMPUR: Shipowner and operator Sealink International Bhd, which is en route to a listing on the Main Board, plans to raise about RM141.71mil from its listing exercise and use part of the funds to expand its shipyard and fleet.

The company said in a statement on Monday the listing exercise involved 128.37 million shares at RM1.25 each, comprising a public issue of 113.37 million new shares and offer for sale of 15 million shares.

Of the new 113.37 million shares, it would offer 28.37 million shares to the Malaysian public, 44.5 million for private placement, about 20.5 million for bumiputra investors and 20 million for eligible directors, employees and business associates.

Sealink is an integrated service provider in the Malaysian offshore oil and gas industry.
Its chief executive officer and deputy managing director Sam Yong said the company planned to expand its fleet of 29 vessels to 40 vessels in the next three years.

“We project to invest in excess RM300mil over the next three years for this expansion while also diversifying our fleets to include larger landing craft of up to 72 metres, and anchor handling tugs and supply vessels of up to 12,000 brake horsepower which we will soon be building,” he said.

He said the company would also ride on the buoyant upstream oil and gas industry industry and it was looking to include deep-water support services catering especially to the deep-water exploration and production activities of oil and gas industry.

“With an expanded fleet size, our group hopes to meet the increasing demand for Malaysian-owned vessels in the offshore oil and gas industry as well as offshore marine support services,” he said.

Yong also said Sealink planned to invest between RM50mil and RM100mil over the next three years to upgrade the capabilities of the shipyards.

Sealink has two shipyards in Miri to cater to its shipbuilding activities. For the financial year ended Dec 31, 2007, shipbuilding contributed about 73% of revenue or RM118mil and 57% of gross profit or RM34mil.

Its vessels chartering business contributed about 27% or RM44mil to group revenue. Its fleet of 29 vessels consists of landing craft, multi-purpose vessels, tugboats, barge, supply vessel, utility vessel and passenger vessel.

Sealink’s customers include both local and international companies from the United State of America, Australia, China, India, Latin America, Europe, East Africa, Southeast Asia and the Middle East. Sealink’s export market contributed 80% or RM131 million to last financial year’s revenue.

For financial year ended Dec 31, 2007, it posted revenue of RM162.7mil and RM58.9mil of gross profit.

--The Star
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