Pan Sarawak invited to buy 26.9% stake in Petra Energy the company
By Jack Wong
jackwong@thestar.com.my
KUCHING:Sibu-based Pan Sarawak Holdings Sdn Bhd (Pan Sarawak), which controls public-listed Pansar Bhd, is keen to take control of the strategic 26.9% equity interest in Petra Energy Bhd, which has been put up for sale, as it sees a big upside potential in the oil services firm.
A source close to Pan Sarawak confirmed to StarBiz yesterday that the company had submitted a bid, on invitation, for the strategic block in Petra Energy.
The 26.9% stake is owned by Perdana Petroleum Bhd (formerly Petra Perdana Bhd) which has given CIMB the mandate to sell the block of shares under a bidding exercise which closed last Friday (June 15).
Petra Energy's main shareholder is Datuk Bustari Yusof, a prominent businessman from Sibu who not only has a business relationship with the Pan Sarawak group but also has been a longtime friend of the late Tan Sri Tai Sing Chii, founder of Pan Sarawak, and his children.
The late businessman and community leader's sons Datuk James Tai Cheong and Jason Tai Hee, are Pansar chairman and managing director respectively.
“James and Jason have known Datuk Bustari for about 30 years,” the source said.
Pan Sarawak owns 71.79% equity interest in Pansar, a trading and engineering company with a strong 50-year track record centred on established world-renowned brands.Pansar has installed marine engines for ships of various sizes catering to industries including oil and gas, power plants as well as large-scale air-conditioned systems.
Pan Sarawak's largest shareholder is Tai Sing Chii & Sons Sdn Bhd with a 32.9% stake.
Other shareholders are Inplaced Capital Sdn Bhd (27%), also linked to the Tai family,Ting Ming Hoi Enterprise Sdn Bhd (13%) and Ding Jack Sung Enterprise Sdn Bhd (5.08%).
Pan Sarawak and MISC Bhd are 35:65 joint-venture partners in MISC Agencies (Sarawak) Sdn Bhd since 1970s.
The joint venture firm is a subsidiary of MISC Agencies Sdn Bhd,which provides shipping and warehousing services.
The source said Bintulu-based MISC Sarawak also provided services to liquified natural gas (LNG) tankers.
“Pan Sarawak group is involved in providing services to the oil and gas industry and Petra Energy is an oil services company. Their businesses are co-related and there is synergy.
“Pan Sarawak sees a lot of upside potential for Petra Energy,”added the source.
On how Pan Sarawak would finance the acquisition of the 26.9% block in Petra Energy if it was successful in the bid, the source indicated that it would probably be via internal funds and borrowings.
It is understood that besides Pan Sarawak, one or two other companies could have submitted the bids.The outcome of the bidding, predicted the source, was expected in two weeks.
Petra Energy shares rose another 13sen to RM1.48 yesterday after adding 16sen last week.
No comments:
Post a Comment