An offshore crane service and manufacturing provider is set to seal the deal for the purchase of a product line and intellectual property rights from a US-based company, by early 2011.
The acquisition will allow it to expand its crane product range to include larger-sized cranes of up to 200 tonnes. Currently, the company makes smaller cranes, which weigh between 12 and 28 tonnes.
The deal is almost sealed and barring any unforeseen circumstances, it should be sealed if not this year, early 2011.
On September 21 2010, it expects to raise an estimated RM30 million from a rights issue on the basis of two rights issue and two free warrants, for every three shares held.
Of the amount raised, the company explained that RM12 million would be used to buy a new offshore crane product line and intellectual property rights from an offshore crane manufacturer in the US.
Handal has won a slew of contracts in the last six months, including the coveted RM12 million contract from Pertamina Hulu Energi ONWJ Ltd, awarded in August 2010. The three-year contract involves the operation, inspection and maintenance of up to 200 cranes offshore of North West Java Sea, Indonesia. The award of the contract gives it entry into the lucrative crane operation and maintenance industry in Indonesia. The size of the contract alone is equivalent to the crane population in Peninsula Malaysia.
As at September 20 2010, substantial shareholders of the company include its executive director and chief operating officer Zahari Hamzah with 21.2 per cent stake, chairman Datuk Mohsin Abdul Halim with a 20 per cent stake, director and deputy managing director Joel Emanuel Heaney with a 12.56 per cent and Mallek with a 6 per cent stake.
More than half of the company's revenue in 2009 came from integrated crane services, while fabrication of cranes only made up about 5 per cent of revenue.
Handal Resources registered a net profit of RM10 million on RM48.9 revenue million in 2009.
The acquisition will allow it to expand its crane product range to include larger-sized cranes of up to 200 tonnes. Currently, the company makes smaller cranes, which weigh between 12 and 28 tonnes.
The deal is almost sealed and barring any unforeseen circumstances, it should be sealed if not this year, early 2011.
On September 21 2010, it expects to raise an estimated RM30 million from a rights issue on the basis of two rights issue and two free warrants, for every three shares held.
Of the amount raised, the company explained that RM12 million would be used to buy a new offshore crane product line and intellectual property rights from an offshore crane manufacturer in the US.
Handal has won a slew of contracts in the last six months, including the coveted RM12 million contract from Pertamina Hulu Energi ONWJ Ltd, awarded in August 2010. The three-year contract involves the operation, inspection and maintenance of up to 200 cranes offshore of North West Java Sea, Indonesia. The award of the contract gives it entry into the lucrative crane operation and maintenance industry in Indonesia. The size of the contract alone is equivalent to the crane population in Peninsula Malaysia.
As at September 20 2010, substantial shareholders of the company include its executive director and chief operating officer Zahari Hamzah with 21.2 per cent stake, chairman Datuk Mohsin Abdul Halim with a 20 per cent stake, director and deputy managing director Joel Emanuel Heaney with a 12.56 per cent and Mallek with a 6 per cent stake.
More than half of the company's revenue in 2009 came from integrated crane services, while fabrication of cranes only made up about 5 per cent of revenue.
Handal Resources registered a net profit of RM10 million on RM48.9 revenue million in 2009.
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