Monday, April 25, 2011

MMHE ... Apr11

MMHE is believed to be looking at taking over either some or all of the assets of Sime Darby Bhd’s oil and gas unit, which is parked under the latter’s troubled energy and utilities divisions.

It is said that MMHE, the heavy engineering arm of Petronas started looking at the assets several months ago. However, it is believed that the plan is still in the preliminary stage has not gone to the board yet.

MMHE has been asked by its parent, Petronas to increase its asset base, as more O&G jobs are being rolled out.

Among the O&G assets that Sime Darby owns are two fabrication yards – one in Pasir Gudang and the other in Teluk Ramunia, Johor.

MMHE is not the only interested party, as there are at least two other O&G players eyeing Sime Darby’s O&G assets.

However, MMHE declined having entered any discussions with Sime Darby for the purchase of any O&G assets. Nevertheless, as an organization, it needs to constantly evaluate additional revenues for growth. This can be achieved through an organic approach. Identification of potential assets is only one of the many steps involved, but it may or may not eventually result in an actual acquisition.

MMHE could become Malaysia’s largest fabricator should it succeed in acquiring Sime Darby’s O&G assets such as the fabrication yards.

Despite the losses, Sime Darby’s president and group CEO had indicated that it would not hive off the O&G assets, as opportunities still abound for the division. A source says there are differing views among Sime management on whether the group should dispose of its O&G assets.

Meanwhile, both of Sime Darby’s motor and plantation division are doing well.

Industry observers say MMHE, a wholly owned unit of MISC Bhd, should have no problem in obtaining financing for Sime Darby’s O&G assets, as the former is sitting on a big cash pile.

As at Dec 3010, its cash and cash equivalents stood at rm1.79 billion. The company also has virtually no borrowings. Some of the cash is from proceeds raised in its IPO a year earlier.

As at Dec 3010, MMHE had an order book of rm3.6 billion, the bulk of which is for its engineering and construction activities.

Expecting MMHE to clinch between rm4 billion and rm5 billion in new jobs over the next 12 months (April 2011 & Beyond). Furthermore, MMHE will also see new overseas orders.

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