Monday, March 5, 2012

Muhibbah ... Mar12

Its turnaround is likely anchored by APH and project wins. Its outstanding order book stands at rm3.1 billion of which construction/infra jobs make up some rm2.5 billion. This should last till 2014. Estimate of rm1 billion worth of new contracts in 2012. The key drivers are potential MRT packages and marine/port related jobs, both local and overseas. The restructuring of the APH project is still on the cards and expect some news flow on the progress in the next three to four months (from March 2012).

For Muhibbah, which is the main contractor for APH, a resolution could lead to a stake in APH and additional job scope from the balance of works.

As one of the contractors for the rm1.4 billion bunkering island project in Johor, has a filed a suit against the promoter, APH and the MD contractor, ZAQ Sdn Bhd for overdue claims amounting to rm381 million.

If the court proceedings are successful, it will have a positive impact on the company. Muhibbah is among the leading contractors for the project undertaken by APH. The project has been saddled by cost overruns and delays, prompting its lead financier, CIMB to stop the line of credit.

In Dec 2011, CIMB managed to get a court order to appoint receivers and managers on APH. Following that, there were reports of CIMB and Muhibbah possibly converting the amount due into equity and taking over the project in an effort to restructure APH. However, it is learnt that not all the creditors of APH are keen to convert their debt into equity which may stall the restructuring of APH. For the restructuring to go through, it needs 75% creditors’ support.

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