Perisai advances on better 2012 outlook

KUALA LUMPUR (Dec 23): PERISAI PETROLEUM TEKNOLOGI [] Bhd share rose in active trade on Friday after the company said it expects contribution from its mobile offshore production unit (MOPU), which it acquired through Garuda Energy (L) Ltd to be realised by FY12.

At 9.08am, Perisai was up 4.5 sen to 73 sen with 4.4 million shares done.

Its managing director Zainol Izzet Ishak said on Thursday that the acquisition would be finalised by the end of this year and will start contributing to the group's bottom line from the first day of its operation as the group's asset.

CIMB Research keeps Buy on Perisai

KUALA LUMPUR: CIMB Retail Research has a Buy on PERISAI PETROLEUM TEKNOLOGI [] at 83 sen, which means it is trading at FY12P/E of 8.6 times, P/BV: 2.4 times.

It said on Thursday, April 14 that despite its technical buy rating on April 7, Perisai continued to consolidate sideways.

'At this juncture, we are still keeping to our short term bullish stance on the stock unless prices breached its recent low of 80 sen,' it said.

CIMB Research said the MACD has turned negative but RSI is above the 50pts mark. Its is not overly concerned about its recent pullback as this is likely to be short term.

'Once the candles swing above its downward slopping resistance trend line (now at 86.5 sen), the next upside targets are 89.5 sen and 93 sen. Be quick to cut loss once 80 sen is violated,' it said.

Perisai to acquire Labuan-based Garuda Energy for US$70m in cash, shares

KUALA LUMPUR: PERISAI PETROLEUM TEKNOLOGI [] Bhd has proposed to acquire Garuda Energy (L) Inc, owns a jack-up rig, for US$70 million (RM210 million) in cash and new shares.

Perisai said on Tuesday, March 29 the acquisition would be via US$50 million cash and new Persai shares at 65 sen per share for the remaining US$20 million.

Garuda Energy, a Labuan company, owns a jack-up rig, which is being converted into a Mobile Offshore Production Unit (MOPU) at Jurong Shipyard in Singapore and is expected to be completed by May 2011.

Perisai said Gryphon Energy (M) Sdn Bhd, which recently secured a contract to lease, operate and maintain a MOPU for a two years with an option of one plus one year.

Under the plan, Garuda Energy would enter into a bareboat charter agreement with Gryphon Energy for the supply of the MOPU.

A bare boat charter arrangement of the MOPU with Gryphon Energy is expected to be generating revenue of approximately US$25 million per annum.