Ramunia sees listing by Dec
New Straits Times
11 October 2004

RAMUNIA Holdings Bhd, an oil and gas engineering and heavy fabrication group, expects to float the company on Bursa Malaysia Bhd by the year-end.

Its Chief Executive Arshad Ahmad said that everything was in place for the company to make its debut on the stock exchange.

"We expect the company's prospectus to be issued in early December, two or three weeks before the listing date," he told Business Times.

He said independent auditors had undertaken due diligence on the company. "Barring any unforeseen circumstances, we will be able to float the company on Bursa Malaysia in late December."

Earlier reports said Ramunia Holding hoped to make its debut on the second board of Bursa Malaysia in the last quarter of the year via the restructuring and relisting of Saship Holdings Bhd.

The company received approval from The Securities Commission for the proposed restructuring and relisting of Saship on August 9.

Saship had been placed under the special administration of Pengurusan Danaharta Nasional Bhd.

Ramunia, an investment holding company, owns Ramunia Fabricators Sdn Bhd and the Teluk Ramunia Yard on the southern tip of Johor where Ramunia Fabricators operates.

The Teluk Ramunia Yard was also acquired via Danaharta in 2001.

The listing of Ramunia will see the transfer of the wholly-owned subsidiary, Ramunia Fabricators, to Ramunia Holdings which will assume the listed status of Saship.

Ramunia Fabricators is one of six companies which holds a Petroliam Nasional Bhd (Petronas) Major Fabricator License.

"Currently, Petronas has frozen the issuance of new licenses for the fabrication works," Arshad, who is also Ramunia Fabricators Managing Director, said.

On contracts in hand, Arshad said, Ramunia Fabricators has in excess of RM100 million worth of projects in its order book, stretching through until the middle of next year.

He said the company is poised to bid for jobs worth over RM1 billion for domestic and international developments.

Ramunia Fabricators is a Malaysian incorporated oil and gas company with 100 per cent Bumiputera shareholding.

It started operations on January 17, 2001 with a paid-up capital of RM5 million.