KUALA LUMPUR (Nov 16): Hwang DBS Vickers Research (HDBSVR) says Dayang Enterprise (Buy, RM2.70 TP) could be a potential investor in Perdana Petroleum’s (Perdana) proposed private placement of up to 10% of its shares.
It said on Wednesday the price will also be fixed at a later date after obtaining relevant approvals.
“We believe that Dayang Enterprise (Buy, RM2.70 TP) could be a potential investor given that both parties have announced earlier that they are exploring potential collaboration, including Dayang acquiring a strategic stake in Perdana,” it said.
HDBSVR said if that comes true, Dayang may be able to tap on Perdana’s new fleet of 13 vessels to bid for more topside maintenance and hook-up commissioning contracts going forward while Perdana may strengthen its balance sheet (net gearing of 42% as at 2Q11).
“We understand that Dayang is chartering a workboat from Perdana at the moment for its RM802 million Petronas contract secured back in February 2011,” it said.
Assuming that the Perdana shares are placed out to Dayang at yesterday’s closing price of 83.5 sen, Dayang has to fork out RM37.6 million which could be paid off with its cash pile of RM188 million as at 2Q11.
It said on Wednesday the price will also be fixed at a later date after obtaining relevant approvals.
“We believe that Dayang Enterprise (Buy, RM2.70 TP) could be a potential investor given that both parties have announced earlier that they are exploring potential collaboration, including Dayang acquiring a strategic stake in Perdana,” it said.
HDBSVR said if that comes true, Dayang may be able to tap on Perdana’s new fleet of 13 vessels to bid for more topside maintenance and hook-up commissioning contracts going forward while Perdana may strengthen its balance sheet (net gearing of 42% as at 2Q11).
“We understand that Dayang is chartering a workboat from Perdana at the moment for its RM802 million Petronas contract secured back in February 2011,” it said.
Assuming that the Perdana shares are placed out to Dayang at yesterday’s closing price of 83.5 sen, Dayang has to fork out RM37.6 million which could be paid off with its cash pile of RM188 million as at 2Q11.
