Ramunia bidding for jobs worth RM9bil
The Star(StarBiz)
27 April 2007

KUALA LUMPUR:Ramunia Holdings Bhd, a fabricator of oil and gas-related structures, is bidding for local and overseas jobs worth RM9bil this year. 

Chairman Datuk Azizul Rahman Abd Samad said the group was targeting to secure 20% to 25% of its bids. 

Ramunia to date had orders in hand worth RM1.4bil, he said after the company AGM yesterday.  

Newly appointed managing director Dr Daniel Ahn Chung-Sung said Ramunia would continue to actively bid for fabrication of shallow water structures while preparing to undertake deepwater projects in Malaysia. 

“We believe our active participation in Malaysia’s deepwater development will support the group in capitalising on future deepwater developments in South-East Asia, India and the Middle East,” he added. 

Ahn said Ramunia was allocating RM200mil in capital expenditure this year, mainly to upgrade the group’s Teluk Ramunia yard in Johor. 

The 170-acre yard has the capacity to undertake steel fabrication of offshore platforms up to 30,000 tonnes per year. It offers a wide range of facilities, enabling the fabrication of jackets and marine platforms for offshore oil and gas facilities, and other heavy steel fabrication works.  

On market talk that Ramunia’s largest shareholder, Ramunia Engineering and Marine Corp Sdn Bhd (Remcorp), was planning to take Ramunia private, Azizul said: “As chairman of Ramunia, I can say that the group has not received any notice from Remcorp on that matter.” 

Azizul, who is also the owner of Remcorp, added: “On the part of Remcorp, we have always been approached by investors who want to assist us in addressing some of the capital raising and heavy capital requirement issues faced by Ramunia. There were proposals brought forward but no decision has been made so far.” 

Last year, Sime Darby Bhd’s planned acquisition of 50.8% stake in Ramunia hit a snag, following the mega merger of Permodalan Nasional Bhd’s plantation groups – Sime Darby Bhd, Golden Hope Plantations Bhd and Kumpulan Guthrie Bhd under Synergy Drive Sdn Bhd.