Tuesday, April 5, 2011

Coastal ... Apr11

It is considering selling its major stake to a strategic partner as it plans to diversify into the fabrication business.

Its executive chairman Ng Chin Heng says the company is in talks with parties on a possible M&A exercise as it hopes to secure fabrication jobs from Petronas Caragali. The sale of the a major stake to a strategic partner is possible in the future.

In Jan 2010, its wholly owned subsidiary signed a MOU with Ramunia to explore the possibility of jointly bidding for fabrication jobs and are finalizing the details of the arrangement and discuss a possible tie up.

LTH is a substantial shareholder in both Coastal and Ramunia.
Coastal Contracts’ derived 95% of its revenue from its shipbuilding activities, but expect the fabrication business to contribute to turnover in 2HFY2011 when its yard is ready.

With Sabah set to become Malaysia’s oil and gas hub, they are looking to enter a new phase of growth. Thus, it is diversifying into the offshore structure fabrication business and a strategic shareholder will come in handy.

While it is most likely Coastal Contracts’ talks with Ramunia will be fruitful since they have a common shareholder, there are other possible suitors in the industry which Coastal Contracts can pair with such as Alam Maritim Resources and Singapore listed Swiber Offshore.

It is currently in a net cash position with rm150 million cash and borrowings of rm51.5 million.

Its shipping business is also growing strongly with an order book of rm760 million.

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