E.A. Technique Bhd, an Oil and gas (O&G) services provider, is scheduled to be listed in Main Market of Bursa Malaysia on 11th December 2014.
The Initial Public Offering (IPO) consists of 114 million new ordinary shares and offer for sale of 15 million shares at an IPO price of RM0.65 per share at RM0.25 par value. 93.8 million will be for private placement & selected investors, 25.2 million shares to the Malaysian public and 10 million shares for eligible directors, employees.
The IPO will raise about RM74.1 million in proceeds. Out of this, RM30 million will be repayment of bank borrowings, RM29.2 million for capital expenditures, RM9.9 million for working capital & RM5 million is for listing expenses.
E.A. Technique owns and operates marine vessels, provides offshore storage of oil and gas as well as port marine services.
The company is an indirect subsidiary of Kulim (Malaysia) Bhd through Sindora Bhd.
More information regarding the company can be found in E.A. Technique webpage.
For the time being, E.A. Technique does not have any fixed dividend policy.
The table below is the financial summary for E.A. Technique Bhd.
| FYE 2011 | FYE 2012 | FYE 2013 | FPE 31 May 2013 (5 mth) | FPE 31 May 2014 (5 mth) | |
|---|---|---|---|---|---|
| Revenue (RM’000) | 96,063 | 102,724 | 121,118 | 43,046 | 62,813 |
| Profit after Tax (RM’000) | 8,652 | 18,908 | 56,903 | 44,678 | 5,260 |
| Earnings per Share (sen)* | 1.72 | 3.75 | 11.29 | 3.43** | 2.48** |
| Price Earnings Ratio (x)* | 37.86 | 17.33 | 5.76 | 18.96** | 26.22** |
* Based on number of shares post IPO
** Annualized. For 2013, exclude RM37.5 million gain from disposal of an associate.
RHB Investment Bank is the Principle Adviser, Underwriter and Placement Agent of the IPO.
For those who are interested in EA Technique IPO, you may subscribe at ATM machines or via Internet Banking. The subscription period is opened until 1st December 2014 at 5pm. Tentative balloting date is on 3rd December while the allotment date is on 9th December 2014.
E.A. Technique stock name in Bursa Malaysia is “EATECH”.
View E.A. Technique prospectus in Bursa Malaysia webpage.
What do you think about E.A. Technique IPO? Are you going to subscribe?
with current oil price limit down, how this OG service company will perform? what say you 1mdb?
Concern of lower oil price is not the issue here, definetily in due time it will rise again as same with 7 yrs back. Looking at market price US now holding the market for WW3.