Sarawak Energy Bhd ... Oct09

It is to be taken private by its major shareholder, State Financial Secretary of Sarawak (SFSS), for RM1.4 billion cash.

SFSS had through Delegateam Sdn Bhd made anunconditional voluntary offer for the remaining shares it does not own in SEB at RM2.65 apiece.

SFSS, which is responsible for financial management in Sarawak, currently holds a 64.65% stake or 987.5 million shares in the state power provider.

SEB’s current share base is 1.5 billion shares. The second largest shareholder is the Employees Provident Fund Board, which holds 5.09%.

SFSS does not intend to maintain SEB’s listing status. The utility had requested for the trading of its shares to be suspended yesterday.

Its net asset per share as at June 30 2009 was RM1.90. The utility saw its bottom line declining by 46.5% year-on-year in the second quarter of FY2009 to RM44.6 million from RM83.4 million on higher finance costs as well as losses from an associate.

SEB is carrying in its books short-term debts of RM291.5 million and non-current liabilities of RM2.8 billion, while its cash holding amounts to RM104.4 million.