KUALA LUMPUR: Marine CONSTRUCTION [] company Benalec Holdings Bhd, en-route for listing on Bursa Malaysia, is eyeing joint ventures to make inroads into Indonesia and Vietnam over the next two to three years, said its group managing director Vincent Leaw Seng Hai.
Speaking after the company's prospectus launch, Leaw said the company had identified joint venture partners in those countries but has yet to firm up any agreements.
Leaw added that Benalec was also in the midst of setting up its Singapore branch, adding that it already had presence in the republic through its affiliated company Oceanlec Pte Ltd.
In 2008, Oceanlec won a contract from the Singapore government worth S$250 million (RM598.8 million) to supply construction material from Vietnam and Cambodia for the Tuas View reclamation project in Singapore.
Benalec, the country's second largest marine construction firm by market share, is offering a public issue of 100 million new shares of 25 sen each at an issue price of RM1 a piece. Of the 100 million new shares, 36.5% will be for the public, 6.5% for its employee share option scheme and 57% available for private placement.
Benalec is also offering 130 million existing shares of which 73 million is for approved bumiputera investors and 57 million for private placement.
Upon listing, Benalec's paid up share capital will be RM730 million.
The company is expecting to raise RM100 million from the initial public offering, which will be mainly used to finance ongoing projects.
Benalec is tentatively scheduled for listing on Bursa Malaysia's Main Market on Jan 17, 2011.
Speaking after the company's prospectus launch, Leaw said the company had identified joint venture partners in those countries but has yet to firm up any agreements.
Leaw added that Benalec was also in the midst of setting up its Singapore branch, adding that it already had presence in the republic through its affiliated company Oceanlec Pte Ltd.
In 2008, Oceanlec won a contract from the Singapore government worth S$250 million (RM598.8 million) to supply construction material from Vietnam and Cambodia for the Tuas View reclamation project in Singapore.
Benalec, the country's second largest marine construction firm by market share, is offering a public issue of 100 million new shares of 25 sen each at an issue price of RM1 a piece. Of the 100 million new shares, 36.5% will be for the public, 6.5% for its employee share option scheme and 57% available for private placement.
Benalec is also offering 130 million existing shares of which 73 million is for approved bumiputera investors and 57 million for private placement.
Upon listing, Benalec's paid up share capital will be RM730 million.
The company is expecting to raise RM100 million from the initial public offering, which will be mainly used to finance ongoing projects.
Benalec is tentatively scheduled for listing on Bursa Malaysia's Main Market on Jan 17, 2011.
Informative. http://bit.ly/fFFr1k
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