Dayang Enterprise (DAYANG, 5141, board and trade services group) look at next year's bid for 4 to 8 about 20 million ringgit worth of contracts, and plans to purchase another 10 vessels by 2012 only.
Up to foreign enterprises in China will focus on contracts for the time being will not tender an overseas project.
Dayang Enterprise Wednesday (September 9) announced that 32.08 million ringgit to 100 million cost of AWH Equity Holdings Sdn Bhd to acquire Borcos Shipping Pte Ltd 40%.
With this acquisition, up to foreign businesses from 11 am to suspend stock trading, shares rose 10 cents at one time to 46 sen of RM1, suspension of trading before the last trading price of 40 sen of RM1, rose 4 cents, midday resumption , price momentum less, 39 cents to close at RM1 hanging, rose 3 cents a day.
Dayang Enterprise managing director Tengku Yusof said after the signing ceremony in the acquisition, the company will bid for 4 to 8 next year, local contract, worth 2.0 billion ringgit.
In addition, the company also plans in 2012 from the original five vessels increased to 15.
He said: "The foreign companies have been completed up to 1.2 billion ringgit worth of contracts, currently holds 700 million ringgit in order to meet a busy 2012."
Early in December to open large shareholders
On the other hand, he said the company will be held early in December large shareholders to seek shareholder proposals through the acquisition of Borcos shipping, and taking into account the acquisition will be completed by year end.
"As the company holding a 100 million ringgit in cash flow, this 20% will be paid in cash, the remaining 80% and borrow."
Tengku Yusof said that through this acquisition program can be expanded up to foreign companies in the oil and gas industry's growing availability of development activities, and offshore shipping services provider dedicated work of integration. It can also participate in major marine transportation and support services companies.
"At present, foreign enterprises only have up to 5 boats, but it has more than 33 Borcos shipping vessels. Here, the strategic acquisition will create synergies with complementary business up to foreign businesses."
He said, Borcos shipping seized in 2010 provided 65 million ringgit after-tax profit guarantee, up to a 40% stake in foreign companies will help the strong profit performance.
Asked to expand their business plans to Brunei, he said, is still in the preliminary stages of negotiation, it is estimated the next 6 months there will be results.
Borcos shipping or for horse-share listed
Borcos Shipping Pte Ltd may seek in Malaysia Stock Exchange.
Dayang Enterprise chairman Datuk Wan Ali Wan Hamzah said after the signing ceremony in the acquisition, Borcos shipping orders since the total value of 300 million ringgit, and in the after-tax profit of 48 million made last year, the ringgit, but the listing will depend on City status.
He said: "Companies listed on the original plans in 2005, but not good for the market but do stop, switch to another way of funding."
With the current market situation, up to foreign enterprises do not rule out the resumption of the listing.
Wan Ali Wan Hamzah said the company management, including crew boats, security guard ships, special vessels offshore work, the port tugs, general craft, air boats, landing craft and general-purpose vessels.
6 vessels to receive year-end
6 vessels to receive year-end addition to the above 33 vessels, the up to foreign companies this year-end account to receive six vessels, including two general-purpose boats, and four private boats offshore work, namely, from now until the year -end delivery.
He said another project for the deep sea, equipped with dynamic positioning capabilities of the dedicated work of two offshore vessels, currently under construction which, total delivery in 2011.
Set up 28 years of Borcos shipping, is the second largest private shipping work offshore suppliers, specifically for the offshore oil and gas industry to provide maritime transport and support services. Currently, Borcos shipping operations in the Middle East, but in the domestic market is also occupied a great rate.
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