Oil & Gas Sector

Reach Energy BerhadReach Energy Bhd, the forth Special Purpose Acquisition Company (SPAC) after Hibiscus Petroleum, CLIQ Energy and Sona Petroleum is scheduled to be listed in Main Market of Bursa Malaysia on 15th August 2014. Reach Energy will be involved in Exploration and Production activities in Oil & Gas. Upon listing, Reach Energy will become the largest SPAC in Malaysia.

SPAC, is a company which has no operations or income generating business at the point of IPO but undertakes an IPO with the intention of acquiring operating companies/businesses with the proceeds raised from the IPO.

The Initial Public Offering (IPO) consists of 1 billion ordinary shares at an IPO price of RM0.75 per share at RM0.01 par value. It comes with 1 free detachable warrant for each share. The warrants will be listed and tradable from the date of listing.

The IPO comprises of 20 million shares with 20 million free warrants made available for application by the Malaysian public via balloting. The rest are for private placement.

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Icon Offshore BerhadIcon Offshore Berhad Initial Public Offering (IPO) received an overwhelming response with its public portion of 50.6 million shares. It was oversubscribed by 9.62  times. The IPO attract 27,330 applications for 374.98 million shares.

The Institutional Price was fixed at RM1.85 per Offer Share. Accordingly, the Final IPO Price for the Retail Offering is fixed at RM1.85 per Offer Share as set out in the prospectus. As such there is no refund to be made to successful retail applicants.

Below are the allotment summary.

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Icon Offshore BerhadIcon Offshore Bhd, an offshore support vessel (OSV) provider, is scheduled to be listed in Main Market of Bursa Malaysia on 25th June 2014.

The Initial Public Offering (IPO) consists of 510.77 million shares comprising offer for sale up to 289.02 million existing shares and public issue of 221.75 million new shares. 460.15 million will be offered to institutional investors, 15.30 million shares to the eligible directors and employees while the remaining 35.32 million shares will be opened to the Malaysian public.

The retail price of the offering is RM1.85 per share at RM0.50 par value. The final retail price will be determine through book building exercise. If the final retail price is less than the retail price, there will be a refund to the retail investors.

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UMW Oil & GasUMW Oil & Gas Corporation Berhad Initial Public Offering (IPO) received an overwhelming response with its public portion of 43.2 million shares. It was oversubscribed by 10.72  times. The IPO attract 38,806 applications for 506.6 million shares.

The Institutional Price was fixed at RM2.80 per Offer Share. Accordingly, the Final IPO Price for the Retail Offering is fixed at RM2.80 per Offer Share as set out in the prospectus. As such there is no refund to be made to successful retail applicants.

Below are the allotment summary.

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UMW Oil & GasUMW Oil & Gas Corporation Bhd, a Malaysian offshore and drilling services, is scheduled to be listed in Main Market of Bursa Malaysia on 1st November 2013. This IPO set to be the biggest in Malaysia this year.

The Initial Public Offering (IPO) consists of 843.18 million shares, comprising of an offer for sale of up to 231.38 million existing shares and a public issue of 611.80 million new shares. The retail offering portion involve 194.58 million shares would be for eligible directors and staff  and Malaysian public.

The retail price of the offering is RM2.80 per share at RM0.50 par value. The final retail price will be determine through book building exercise. If the final retail price is less than the retail price, there will be a refund to the retail investors.

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