Wednesday, May 18, 2011

ChuanHuat ... May11

Chuan Huat Resources Bhd has emerged as a substantial shareholder of loss-making Amalgamated Industrial Steel Bhd (AISB) with a 7.03% stake.

Chuan Huat acquired eight million shares in AISB, for RM3.6 million or 45 sen per share, of which 7.53 million shares were acquired from Puan Sri Elham Hamid Abdullah, a substantial shareholder of AISB since October 2003.

The rationale of the proposed acquisition is to synergies the operations of AISB as a manufacturer of steel-pipes and Chuan Huat as a stockist and distributor of hardware and building material. This should result in an increase of the turnover for both companies.

The purchase consideration of RM 3.6 million or 45 sen per share was arrived at on a willing-buyer, willing- seller basis after taking into consideration of the net assets of AISB of 72 sen per share as at Dec 31, 2010.

AISB manufactures black welded steel and galvanised industrial pipes. The group made a net loss for two consecutive years since FY2009. The company said the challenging market had dragged down its product prices, which in turn, adversely impacted its earnings.

For the financial year ended Dec 31, 2010, the group’s net loss narrowed to RM3.8 million from RM9.05 million a year earlier. This was despite AISB’s revenue rising 4.4% to RM116.3 million, compared with RM111.4 million for FY2009. Chuan Huat’s net profit for FY2010, meanwhile, rose marginally to RM14.6 million from RM14.4 million a year earlier. The group’s revenue rose 7.2% to RM551.6 million compared with RM514.6 million.

Chuan Huat, which started as a merchant hardware supplier in 1976, has since transformed into an iron and steel supplier, apart from construction materials. Among the products that the group supplies include steel bars, structural steel, mesh and fences as well as roofing tiles.

Elham, the wife of former Perlis menteri besar Tan Sri Abdul Hamid Pawanteh, ceased to be a substantial shareholder of AISB after the sale of shares. According to AISB’s FY2009 annual report, Elham was the second largest shareholder of the company, with 8.28 million shares, representing a 7.28% stake. However, shareholding filings showed that Elham had pared down her stake in AISB in the past two years. The controlling shareholders of AISB are Datuk Lim Chee Ming and family who also control Taliworks Corp Bhd.

On the other hand, the major shareholders of Chuan Huat Resources include Datuk Lim Khoon Heng, the group managing director of Chuan Huat Resources, and Khoon Heng’s family and they collectively own about 43.4% direct stake in the company.

Datuk Seri Wan Zaki Wan Muda, a member of the family that controls Terengganu-based construction outfit Ahmad Zaki Resources Bhd, owns an 8.56% stake in Chuan Huat. Wan Zaki is also Chuat Huat’s non-executive chairman.

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