Thursday, May 19, 2011

IPO ... Eversendai Corp Bhd

Eversendai Corp Bhd, a steel contractor and fabricator en-route to a listing on Bursa Malaysia.

The company, which has lodged a draft initial public offering (IPO) prospectus with the Securities Commission, earns 95% of its revenues from overseas, namely Dubai, Abu Dhabi, Qatar, India, as well as other countries in the Middle East. Eversendai was a well-established brand in markets like the United Arab Emirates (UAE) and Qatar.

For the financial year ended Dec 31, 2010, Eversendai’s revenue from principal markets in the UAE and Qatar was RM569.03mil, representing 76.39% of total revenue of RM744.93mil.

Eversendai plans to utilise RM83mil of the proceeds raised for its operations in India. RM50mil would be for the acquisition or establishment of a fabrication facility in India with a capacity of 36,000 tonnes per annum. Eversendai planned to invest another RM33mil to increase the capacity of its Indian plant to 50,000 tonnes a year.

The facility, to be set up within two years of its IPO, will be located in Tamil Nadu or Andhra Pradesh.

The company did not reveal how much it is planning to raise from the IPO exercise, but was allocating RM126mil for capital expenditure.

The IPO is expected to involve the public issue of 160.7 million new ordinary shares of 50 sen each which will be allocated to selected and institutional investors. There is also an offer for sale of 71.49 million ordinary shares, of which 20 million will be allocated to the public.

It is disclosed that while the company may only own 49% of its businesses in the Middle East, the distribution of profits will differ from the shareholding structure.

Eversendai has a 49% stake in both its UAE units — EV Abu Dhabi and EV Dubai. It also commands 49% in Qatar-based unit, EV Qatar. Ownership law in the UAE allowed profits to be distributed on a basis which differs from the shareholders’ percentage holding of shares if set out in the memorandum of association.

There is no law or regulation which sets a cap on what percentage split is acceptable ... the memorandum of association may allocate profits to shareholders in a different percentage to their shareholding. It is a commonly established principle that the maximum allowable profit split is 90/10 in favour of the non-national partner in Abu Dhabi (in very limited circumstances) and 80/20 in Dubai. Meanwhile, Eversendai was entitled to 70% of EV Qatar’s profits and losses.

Eversendai got its first break in the Middle East more than a decade ago when it was awarded structural steel work for the renowned Burj Al Arab hotel project. In Malaysia, Eversendai was involved in the construction of landmarks such as Petronas Tower 2, Suria KLCC, KL Tower, Menara TM and KL International Airport.

The group also had secured structural steel packages for six landmark towers in Qatar, Abu Dhabi and Dubai totalling about 550mil dirham (RM490mil).

62 comments:

Anonymous said...

online xanax no prescription extended release xanax side effects - buy xanax online express shipping

Anonymous said...

buy tramadol online tramadol withdrawal rash - buy tramadol online forum

Anonymous said...

xanax online xanax pill types - xanax bars and drinking

Anonymous said...

xanax online xanax and alcohol yahoo answers - xanax effects recreational

Anonymous said...

buy tramadol cod tramadol 50 mg use dogs - tramadol dosage 500mg

Anonymous said...

buy tramadol online tramadol for high - buy tramadol online overnight delivery

Anonymous said...

xanax online buy cheap xanax pills - order xanax online overnight

Anonymous said...

cheap tramadol online tramadol (ultram) 50 mg tablet - can you buy tramadol in usa

Anonymous said...

xanax price forms xanax pills - xanax pills doses

Anonymous said...

buy generic xanax online xanax withdrawal when does it start - generic xanax line

Anonymous said...

buy tramadol online ultram 50 mg oral tablet - buy tramadol online mastercard

Anonymous said...

buy tramadol online tramadol dosage by weight - tramadol japan

Anonymous said...

buy tramadol online buy tramadol without rx - generic tramadol online

Anonymous said...

buy tramadol free shipping tramadol 100mg online - tramadol overdose dosage

Anonymous said...

order tramadol online buy tramadol without rx - strong tramadol 50mg tablets

Anonymous said...

carisoprodol 350 mg carisoprodol drug classification - medication soma carisoprodol

Anonymous said...

xanax online xanax pills called bars - xanax 5

Anonymous said...

buy carisoprodol buy carisoprodol online no prescription needed - carisoprodol 350 mg photo

Anonymous said...

xanax online xanax not working - pfizer xanax 1 mg

Anonymous said...

carisoprodol 350 mg side effects soma carisoprodol tablets - soma carisoprodol no prescription

Anonymous said...

carisoprodol 350 mg carisoprodol aspirin - carisoprodol buy no prescription

Anonymous said...

xanax online xanax online no membership - drug screen for xanax

Anonymous said...

buy tramadol online tramadol withdrawal wikipedia - tramadol hcl and codeine

Anonymous said...

buy cialis prescription online where to buy cialis safely online - generic cialis for sale

Anonymous said...

cialis online generic cialis fda approved - taking 20mg cialis daily

Anonymous said...

generic cialis no prescription cialis daily use reviews - generic cialis 20 mg usa

Anonymous said...

buy cialis professional order cialis online mastercard - generic cialis e20

Anonymous said...

cialis online cialis online in nz - cialis price shoppers drug mart

Anonymous said...

cialis online buy cialis reviews - best place order cialis online

Anonymous said...

cialis online buy cialis canadian pharmacy - cialis price euro

Anonymous said...

http://landvoicelearning.com/#62431 buy tramadol online next day delivery - buy tramadol no prescription cod

Anonymous said...

http://landvoicelearning.com/#62431 order tramadol overnight delivery - tramadol pill high

Anonymous said...

buy tramadol online no prescription tramadol addiction success stories - tramadol withdrawal what to do

Anonymous said...

http://landvoicelearning.com/#57594 tramadol hcl er 100mg - order generic tramadol

Anonymous said...

buy tramadol online tramadol hcl time release - why can you buy tramadol online

Anonymous said...

http://landvoicelearning.com/#57594 tramadol 50mg recreational - tramadol overnight no prescription

Anonymous said...

buy tramadol online tramadol 50mg oxycodone - tramadol withdrawal is hell

Anonymous said...

http://landvoicelearning.com/#44827 how to buy tramadol online - tramadol withdrawal day 8

Anonymous said...

http://blog.dawn.com/dblog/buy/#21563 buy cheap tramadol mastercard - buy tramadol online no prescription overnight

Anonymous said...

buy tramadol online tramadol quitting - tramadol for dogs pain

Anonymous said...

http://landvoicelearning.com/#38471 zytram xl tramadol hcl - buy tramadol over the counter

Anonymous said...

http://buytramadolonlinecool.com/#96430 tramadol hcl used for depression - tramadol hcl nsaid

Anonymous said...

learn how to buy tramdadol tramadol hydrochloride 50mg capsules side effects - buy tramadol online no prescription next day delivery

Anonymous said...

http://buytramadolonlinecool.com/#30807 what is tramadol 50mg tablets used for - tramadol online pharmacy

Anonymous said...

http://reidmoody.com/#36921 ativan side effects driving - lorazepam 1 mg duration

Anonymous said...

ways to buy ativan online overdose on ativan mg - buy lorazepam online without rx

Anonymous said...

can you really buy xanax online buy xanax online video - xanax round white

Anonymous said...

http://ranchodelastortugas.com/#50698 xanax employee drug testing - xanax dosage with food

Anonymous said...

buy xanax online effectiveness of xanax for anxiety - xanax help zoloft withdrawal

Anonymous said...

http://ranchodelastortugas.com/#93851 xanax withdrawal wiki - effects of recreational xanax use

Anonymous said...

buy tramadol online tramadol no prescription overnight - get over tramadol addiction

Anonymous said...

http://ranchodelastortugas.com/#93851 xanax and withdrawal symptoms and 1 mg - how to order xanax without an rx

Anonymous said...

A huge dick in my pussy,any warm wet tounge up my own arse and cum and pussy juice
all over me. Fuck, ozzy

Feel free to surf to my webpage - hcg injections

Anonymous said...

buy tramadol online order tramadol health solutions network - metacam and tramadol for dogs

Anonymous said...

buy xanax online alprazolam 0.5 mg price - long does 1mg xanax kick

Anonymous said...

buy xanax online xanax get u high - buy xanax no prescription mastercard

Anonymous said...

http://ranchodelastortugas.com/#64581 1mg xanax first time - how much do generic xanax cost

Anonymous said...

buy xanax online extended release xanax high - buy xanax no prescription cheap

Anonymous said...

buy xanax xanax wiki drug - kind high xanax

Anonymous said...

http://bayshorechryslerjeep.com/#2mg can you take 2mg of xanax at once - generic xanax 0.5mg

Anonymous said...

You ought to be a pаrt οf a cоntest fοr one of the highest quality wеbsіtes on the web.

I am goіng to highlу recommend this blog!

Here іѕ my homepagе; Raspberry Ketone side Effects

Anonymous said...

Hеy thеre, You've done an incredible job. I'll certaіnly ԁigg it and peгsonally гecommenԁ tо my fгiеndѕ.
Ӏ'm sure they'll be benеfited fгom this sіte.



my wеb page ... florist Apprentice