Wednesday, July 31, 2013

POSH Semco IPO a catalyst for Maybulk

PETALING JAYA: The impending listing of offshore marine services provider PACC Offshore Services Holdings (POSH Semco) is an added catalyst for shipping firm Malaysian Bulk Carriers Bhd (Maybulk) which owns a 21.23% stake in the company.

In a report last Thursday, HwangDBS Vickers said the plan to unlock value by listing POSH Semco was an “added catalyst” for Maybulk.

“We estimate Maybulk’s stake may conservatively be worth RM870mil (pegged at financial year 2013 forecast price/earnings of 12 times) or 87 sen per Maybulk share.”

Reuters reported on Monday that POSH Semco was seeking to list shares in Singapore in a deal worth S$300mil (RM763mil) to S$500mil (RM1.27bil).

The deal, according to international news agency, is expected to be launched in September or October.

POSH Semco, which is controlled by tycoon Robert Kuok, has a fleet of more than 100 vessels which provide support for offshore oil and gas activities.

Maybulk bought the 21.23% stake in the company from Pacific Carriers (a Kuok-backed company) for US$221mil (RM713mil) in 2008.

CIMB Research pointed out in its daily note that under its purchase agreement with Pacific Carriers, Maybulk has the option to sell the stake back to Pacific Carriers for US$276.25mil (RM891mil) (25% premium to the purchase price) if POSH Semco is not listed by end-2013.

Based on POSH Semco’s speculated market capitalisation of almost US$1bil (RM3.23bil), Maybulk’s stake is valued at about US$212.3mil (RM685mil), lower than the value the company could reap from the put option, it noted.

Publish date: 31/07/13

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