KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) made its debut on Bursa Malaysia, opening at RM4.12, 32 sen higher than its offer price of RM3.80.
LISTING CEREMONY: (From left) Nasarudin, Datuk Shamsul Azhar Abbas (president and CEO of Petronas), Datuk Seri Abdul Wahid Omar (president and CEO of Maybank Bhd), Wan Yusoff Wan Hamat (Managing director and CEO of MHB) and Tengku Zafrul Tengku Abdul Aziz (CEO of Maybank Investment Bank Bhd) witnessing the debut of MHB on Bursa Malaysia.
“This is a momentous occasion for MISC Bhd (MISC) and MHB Holdings, as 80 per cent of the proceeds will go to MHB’s Yard Optimising Programme,” MISC president and chief executive officer (CEO), Datuk Nasarudin Md Idris told reporters after witnessing the listing.
He added, the programme, will cost RM2.7 billion over a period of four to five years and the company had spent RM500 million on it before the listing.
“The optimisation programme will increase the capacity of our Pasir Gudang yard from 70,000 tonnes to 80,000 tonnes per annum,” he said.
“We are still very busy with our Gumusut Kakap deepwater project which is 40,000 tonnes in terms of weight. We will be integrating the hull and the topsides of the floating production system in the first quarter next year,” he added.
Speaking on future projects, he said the company would still be in discussions as well as on the lookout for more deepwater projects.
“Currently, it would be premature for us to announce any specifics, but we are the only fabricator of deepwater structures in Malaysia,” he said.
On its Turkmenistan yard operations, Nasarudin said by the first quarter next year, MHB will complete the first phase of a gas development project.
The Kiyanly Yard in Turkmenistan is operated on behalf of Petronas Carigali Sdn Bhd by MHB in a joint-venture with Technip SA.
With MHB’s listing, Tehcnip, a French oilfield service company will have a eight per cent stake in the company, to further help extend MHB’s capabilities in project management and design engineering.
At the opening bell, 6.91 million shares were transacted, and its price rallied to a peak of RM4.55 in the morning.
The company has raised RM2.03 billion from the listing, with strong demand from both domestic and foreign institutional investors.
Its share was oversubsribed by 27.7 times for its institutional offering portion.
The IPO involves the issuance of 262 million new shares at RM3.80 for institutional investors and RM3.61 apiece for retail public offering.
Prior to the listing, MHB was a wholly-owned subsidiary of MISC which, in turn, is controlled by Petroliam Nasional Bhd. — Bernama