Sources said that the attempt by Terengganu Inc Sdn Bhd (TISB) to privatise Eastern Pacific Industrial Corp Bhd (EPIC) has hit a snag, citing the resistance from EPIC’s second-largest shareholder Ahmad Zaki Resources Bhd (AZRB). TISB owns 40% of EPIC and AZRB, 21.3%.
It is learnt that TISB, an investment vehicle of the state of Terengganu, had wanted to offer RM2.10 a share for the remaining shares in EPIC. However, AZRB had demanded RM2.50 apiece. AZRB felt that the offer price was not high enough.
The state wants to take over Kemaman Port’s operations, and to fully control all port activities in Kemaman. Which is why it wants to privatise EPIC, which is a major operator in Kemaman port.
Kemaman Port, a deepwater harbour, can handle ships weighing 150,000 deadweight tonnes. The port can manage up to 14 million tonnes of cargo. In October 2006, Konsortium Pelabuhan Kemaman Sdn Bhd (KPK) took full control of the East Dockyard and the Liquid Chemical Berth (LCB) Terminal in Kemaman Port from Lembaga Pelabuhan Kemaman. EPIC and Road Builder (M) Holdings Bhd own 61% and 39% of KPK, respectively. During the year, IJM Corp Bhd launched a RM1.56 billion takeover of Road Builder, which also owns Kuantan Port.
Apart from the East Dockyard and LCB Terminal, Kemaman Port has three other terminals — the Liquified Petroleum Gas Terminal (managed by Petronas), Kemaman Supply Base (managed by Pangkalan Bekalan Kemaman Sdn Bhd), and West Dockyard (managed by Road Builder).
But while there is no official letter of offer yet, initial overtures have been turned down.
TISB emerged as a major shareholder in EPIC in November 2007 with a 38.32% stake. This is by virtue of the transfer of 64.63 million shares in EPIC owned by Perbadanan Memajukan Iktisad Negeri Terengganu to TISB under a reorganisation exercise.
TISB had obtained a waiver from the Securities Commission from undertaking a general offer then. Nevertheless, it had been actively acquiring shares in EPIC from the open market since October 2008. As at December 2008, TISB’s equity interest in EPIC had grown to 40.03%, comprising 67.68 million shares. Meanwhile, AZRB is EPIC’s second-largest shareholder with a 21.27% stake as at October 2008.
At RM2.10 a share, TISB has to fork out some RM213.13 million to acquire the remaining 60% or 101.49 million shares in EPIC it doesn’t own.
微风雖凉、心渐慌!
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人类在社会中都有既定的规则在运行,它不一定很好但却是大家都可接受的。有些权力追逐者他在既定的规则里享有一切,但既有规则把他从位子上推下去时,他却不乐意了。他可能会利用極端方式令现有规则运行不下去,例如;支持暴乱、战争或改变现有规则。
近一百年,有许多历史例案。如某国军人得不到利益就叛乱、有些殖民地要独立,統治国...
8 hours ago
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