Friday, May 18, 2012

IPO ... Malakof


It is expected to relist its 51% owned unit Malakoff Corp Bhd, a move which could involve an offer for sale by MMC Corp of its shares in Malakoff, besides a new share sale in the power generation subsidiary.

MMC Corp planned to relisting could see MMC offering to sell at least a quarter of its 51% block in Malakoff. This could mean MMC lowering its interest to 38.25% thus reducing Malakoff to an associate company.

MMC Corp will use funds raised from its proposed offer for sale in Malakoff to invest in domestic and overseas power assets.

Estimate for Malakoff, the company could be worth between rm17 billion and rm18 billion. The EV estimates have included the company’s net debt of rm7 billion to rm8 billion. Subtracting the net debt from the EV could give a current market cap of some rm9 billion.

Its electricity generation assets include the 2100 MW Tanjung Bin power plant in Johor, besides the 2420 MW facility in Selangor’s Kapar enclave. It also owns power plants in Perak, NS and Penang. Aborad Malakoff has water treatment and power generation operations in Saudi Arabia and Jordan.

The EPF owns 30% while KWAP holds 10%. The remaining 9% is held by private equity funds.

At the time when we delisted Malakoff in May 2006, its value was estimated at RM8.8 billion. Malakoff had grown steadily since its delisting.

It had secured several power projects, both local and abroad, such as the 1,000MW power plant in Tanjung Bin, Johor, and the acquisition of a 40 per cent equity in Hidd Power Company, which is Bahrain 's power and water generation facility.

It is looking at buying more assets and doing more joint ventures. The company was hoping to secure projects in the Middle East and the North African region as well as in Indonesia and Myanmar . Malakoff had sent a team to conduct a preliminary study on the viability of using wind technology to generate power in Pakistan .

Malakoff was looking at increasing its overseas revenue contribution by between five per cent and 10 per cent or at least RM100 million.

On the local front, Malakoff, together with its consortium members comprising Petronas Power Sdn Bhd and Mitsubishi Corp, had been shortlisted, along with eight other groups and firms, to bid for the construction of a 4,500 MW combined-cycle gas turbine in Prai. In March 2012, the Energy Commission had invited the nine shortlisted bidders to purchase the request for proposal (RFP) document for the Prai power plant project and submit the RFP by July 16 2012. The winner will be known by end 2012.

Malakoff was also in discussion with MyPowerCorp for the extension of its power purchase agreement (PPA) as the first-generation PPA will expire by 2017. The government has two choices - build a new plant or extend the PPA. The government set up MyPower to review the much-criticised PPAs between Tenaga Nasional Bhd and independent power producers (IPPs) and to make recommendations to three ministries, namely Energy, Green Technology and Water; Prime Minister's Office and Finance. Set up about a year ago, MyPower will review and discuss the contents of the PPAs and come up with suggestions for both Tenaga Nasional and the IPPs.

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