Wednesday, February 23, 2011

IPO ... BSB/QL

BHB is primarily involved in the manufacturing and distribution of biomass boilers.

BHB is an associate company of QL Resources by virtue of the 40.51% equity interest in Boilermech Sdn Bhd (BSB) held by QL Resources’ wholly owned subsidiary QL Green Resources Sdn Bhd (QLGR). BHB was converted from a private limited company to a public company on May 14, 2010, to facilitate the listing of BSB.

QLGR had entered into a share acquisition agreement to acquire a total of 202,559 BSB shares, representing 40.51% of the issued and paid up share capital of the company, for RM29.17 million.

Primarily involved in marine-based product manufacturing, integrated livestock farming and palm oil activities, QL identified the biomass renewable energy sector as one of the major growth areas for agriculture and renewable energy in Southeast Asia.

Back in October 2010, QL Resources’s investment in BSB is aimed to capture the growth opportunities in the palm oil industry, the agricultural processing sector and the biomass renewable energy sector in Southeast Asia as well as other palm producing countries. Its investment in BSB would complement the group’s strategy to expand its biomass renewable energy business.

BSB recorded audited revenue and profit after tax of RM98.78 million and RM12.34 million, respectively, for the financial year ended April 30, 2010. Its audited net assets stood at RM12.99 million.


QLGR had on Oct 21, 2010, inked a share sale and purchase agreement with BHB to swap its entire 40.51% equity interest in BSB comprising 202,559 ordinary shares of RM1 each in BSB for a proportionate 40.51% equity stake comprising 90.38 million new shares of 10 sen each in BHB.

The basis for the share swap was arrived at after taking into consideration the net assets of BSB as at Aug 31, 2010, of RM22.31 million. As a result of the share swap, BSB became a wholly-owned subsidiary of BHB and QLGR’s interest in BSB would be held indirectly via BHB.

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