Ramunia signs underwriting pact in preparation for listing
The Star
24 December 2004

RAMUNIA Holdings Bhd yesterday signed an underwriting agreement with K & N Kenanga Bhd and AmMerchant Bank Bhd for its debut on the second board of Bursa Malaysia Bhd scheduled for January next year.

Ramunia, an oil and gas engineering and heavy-fabrication group, expects to be listed via the restructuring and relisting of Shaship Holdings Bhd (special administrators appointed).

The agreement was signed between Ramunia, Remcorp, Lim Tian Huat and Chew Cheng Leong as special administrators of Saship and underwriters K & N Kenanga Bhd.

Under the agreement, K & N Kenanga will underwrite 39,027,907 shares placed out by the special administrators to identified investors at a placement price of 50 cent per share.

An agreement was also signed between Ramunia, Remcorp and AmMerchant Bank, and Lim Tian Huat and Chew Cheng Leong as special administrators of Saship.

The special administrators placed 39,027,907 shares while Remcorp placed 4,736,048 shares to identified investors, at a placement price of 50 cent per share.

The Securities Commission had on August 9, 2004 granted a conditional approval for Saship/Ramunia's application for restructuring and relisting.

Ramunia, an investment holding company, will wholly own Ramunia Fabricators Sdn Bhd, which is one of the three largest fabricators in the country, as well as the Teluk Ramunia Yard located in the southern tip of Johor, which Ramunia Fabricators currently operates.

Teluk Ramunia Yard was initially acquired via Pengurusan Danaharta Nasional Bhd in 2001.

Ramunia Fabricators is one of the only seven companies which hold a Petroliam Nasional Berhad major fabricator license. It has currently in excess of RM100 million worth of projects in its order book stretching into the first quarter of 2006.

It is also tendering for work worth more than RM1 billion for both local and international clients.

Teluk Ramunia Yard, which was badly affected by the economic crisis in the late 1990s, was taken over by the Ramunia group in 2001 whereby it reestablished the business, which included the ground-breaking job fro Petronas Carigali Sdn Bhd's Kinarut gas field where Ramunia Fabricators last year completed the longest jacket - a key component in offshore oil and gas superstructure - ever fabricated in Malaysia.
Since the Kinarut job, Ramunia Fabricators has expanded its client base to include oil majors like ExxonMobil and Shell.

He said it is now poised to bid for jobs from other international oil and gas production sharing contractors operating in Malaysia, like Amerada Hess, Murphy Oil and Talisman.