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发表于 3-9-2008 05:37 PM
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回复 306# invest_klse 的帖子
没有研究过Ranhill，所以只是随意讲讲。
1. Ranhill在Sudan的投资在2006年已经有问题，可是现在才write off。管理层很清楚事态的发展，可有充分跟股东沟通？
2. Ranhill的债券似乎被RAM降级了，为什么？
3. Ranhill的老板便宜卖股，为什么？
Corporate: Ranhill's Sudan project hits snag
By Risen Jayaseelan
Ranhill Bhd is facing major problems with its US$239.4 million contract in Sudan, sources say. It is believed that the problems are the result of "underbidding" for the project.
As a result, Ranhill has incurred significant cost overruns in the project and may lose a performance-related guarantee of RM91 million it had provided to its client in Sudan, sources say.
In its interim report for the financial year ended June 30, 2005, Ranhill states that in fulfilling the contract to construct a major oil facility in the Melut Basin in Sudan, it has incurred significant cost overruns but did not disclose any amount.
It adds that it would be seeking to recover these costs and has engaged a number of legal advisers and an international claims consultant to assist in finalising claims against Petrodar Operating Company Ltd, its client.
Ranhill declined to comment to emailed questions from The Edge.
To recap, last June, Ranhill announced that its wholly owned subsidiary Ranhill International Inc, together with Petroneeds Services International of Sudan, had won a bid for the engineering, procurement, construction and commissioning of a major oil facility in Sudan. The project involves the construction of the plant in the Melut Basin and a 250km water pipeline connecting Palouge and Al-Jabalyn, scheduled for completion within 14 months from last June.
Ranhill holds 55% of the joint venture with Petroneeds. The contract was awarded by Petrodar, whose major shareholders are Petronas Carigali Overseas Sdn Bhd with 40% and China National Petroleum Company International (Nile) Ltd holding 41%. Petrodar holds rights for exploration and development in Sudan.
When Ranhill announced the deal last year, its company officials said that winning the Sudan project was proof of Ranhill's engineering and construction capabilities and Malaysia's growing presence in the international arena.
Ranhill's project in Sudan was said to be a significant breakthrough for the company after its smaller-scale ventures into Indonesia and Pakistan.
A company official was then quoted as saying that the project would contribute some RM500 million in revenue to Ranhill in the financial years ended June 30, 2004 and 2005.
But now Ranhill stands to lose money in this project from cost overruns and the possibility of losing the RM91 million performance guarantee if the project is not completed as contracted.
At the time of writing, it is unclear if this guarantee has been called upon by Petrodar.
According to its interim report, as at June 30, Ranhill had contingent liabilities totalling RM221.3 million provided to related parties, described in the notes to the accounts as "customers who awarded the contracts obtained by them to the Group (that is, Rahnill)".
The related parties include Petrodar.
In the interim report, Ranhill states that it will be specifically claiming for costs of schedule delays leading to "prolongation costs, claims for extra work, disruption costs, acceleration costs and other related miscellaneous claims".
"The consultants and the board of Ranhill believe there is a high probability of success in pursuing these claims," the company states.
However, Ranhill adds that the amount being claimed cannot be accurately forecast at this stage and, therefore, "neither loss nor profit can at this stage be foreseen". "Accordingly, the directors have determined there is no basis to make a provision for any non-recoverability of the cost overruns and as such, no such provision has been reflected in the results this quarter."
It also states that it did not recognise any profit in relation to the contract and no profit has been recognised in the quarter and the year under review.
It is likely that Ranhill has made an effort to fulfil the terms of the contract, which would explain the cost overruns. As such, it is unlikely that Petrodar has called on the guarantee at this point.
Ranhill had outbid some 30 other oil and gas parties to secure the Melut Basin project. Some of those bidding had included Chinese companies, which are said to typically offer the lowest bids.
"When you go below the price of Chinese companies, then you know something is not right," comments an industry player. Chinese companies are able to operate on razor-thin margins and are known to have the lowest operational costs from paying lower wages to its engineers and technicians.
War-torn Sudan remains a key market for Petronas, which has invested in the country's upstream oil and gas sectors since 1997. In August, Petronas was awarded Sudan's first exploration and production sharing agreement for gas.
http://www.theedgedaily.com/cms/ ... a-90fa0500-2b01a6f0
0-07-2008: Hamdan sells 4.8% of Ranhill
KUALA LUMPUR: Ranhill Bhd president and chief executive Tan Sri Hamdan Mohamad disposed of about 29 million shares or about 4.8% equity in the engineering and construction company via a direct deal, trimming his stake to 51.6%.
It is understood that the buyer is the pilgrim fund Lembaga Tabung Haji, which is paying about 81 sen a share or RM23.5 million for the block of shares.
At 81 sen, the price is a discount of 53 sen or 41% to the counter’s closing price yesterday of RM1.38. From the 80 sen level last week, Ranhill’s stock had surged some 66%, largely buoyed by news reports that the company was a privatisation candidate.
Ranhill told Bursa Malaysia yesterday that the disposal of the 29 million shares was made on July 23 but it did not indicate the transaction price.
In response to a query by Bursa Malaysia on talk of its privatisation, Ranhill said that it was “constantly exploring opportunities in seeking for any proposals that may contribute to our objectives to enhance and boost our shareholders’ value”.
“The requisite announcement to Bursa will be made in accordance with Bursa’s Listing Requirements once a decision has been reached on the appropriate proposal and strategy.”
It is not clear if Tabung Haji intends to become as a substantial shareholder in Ranhill or if it has other plans for acquiring such a considerable stake in the company.
For the nine months ended March this year, Ranhill posted a net profit of RM28.9 million on the back of RM1.4 billion revenue. Compared to a year earlier, net profit fell by about 68% despite revenue rising by 27.3%.
http://www.theedgedaily.com/cms/ ... a-c2419300-9c6cce39
Ranhill Posts RM719m Loss in 4th Qtr
Posted on: Tuesday, 2 September 2008, 00:00 CDT
RANHILL Bhd, an engineering group, posted a fourth quarter loss of RM719.4 million as it set aside money to cover potential losses from its oil and gas project in Sudan.
The group, which also operates power plants and a water supplier, said the provision was necessary because it was not sure of recovering payments in the near future.
Ranhill had to set aside RM556 million for the Melut Basin Oil Development project, which involved the building of an oil processing facility.
Revenue jumped 41.5 per cent to RM505 million for the financial period June 30 2008 quarter under review, compared to the year before.
"Despite the loss after tax incurred in the current financial year, the group's cash flow position remains healthy and is sufficient to service its current obligation," Ranhill said in a statement to Bursa Malaysia last Friday.
The group will focus its cash on its water, power and engineering, procurement and construction segments.
In addition, Ranhill also had to revise its estimated contract cost for various projects, and provided for additional costs due to higher materials prices.
Ranhill also said that it will not have to fund its oil and gas business after the sale of its interest. However, it will have a share of earnings if the new oil block operator starts commercial production.
The fourth quarter loss means that Ranhill made a net loss of RM690.5 million for the full year to June 30 2008. This is against a net profit of RM116.8 million in the year before.
http://www.redorbit.com/news/bus ... 9m_loss_in_4th_qtr/ |
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