Thursday, October 4, 2012

Dayang ... Oct12

Dayang Enterprise, the single largest shareholder of Perdana Petroleum could be increasing its hold on the latter. Dayang has been accumulating Perdana Petroleum in mid Sept 2012. There are a lot of HUCC jobs coming onstream. With Dayang increasing its stake in Perdana, it will have a better control of its marine spread when bidding for jobs. According to O&G industry observers, HUCC companies such as Dayang could be in for a windfall, with rm8 billion to rm10 billion worth of jobs dubbed the Pan Malaysian cluster, being tendered out.

Dayang already has 14.88% in Perdana Petroleum via acquisitions from the open market and a private placement at the end of 2011. Insiders said Dayang has the mandate to buy as much as 20% of Perdana Petroleum. Now Dayang is taking a firm position in Perdana Petroleum with 20% interest, Dayang will be able to account for equity earnings in Perdana Petroleum. That is one reasons for Dayang mopping up Perdana shares. Other substantial shareholder in Perdana Petroleum are LTH with 9.14R stake and privately held Achiever Development Sdn Bhd with 7.41% stake.

The move could be a precursor to Dayang seeking board representation on Perdana Petroleum.

Dayang recently hived off its Petra Energy to Wah Seong at rm1.68 per share or rm96.94 million. Prior to sale, Dayang was unable to get board representation on Perdana Petroleum as both Dayang and Perdana Petroleum have similar licenses issued by Petronas and the oil major has strict regulations.

With its strength, Dayang is among the front runners to bag a large portion of the jobs.

As at June 2012, Dayang had rm181 million in cash and bank balances and rm35.16 million in other investments with short term borrowings of rm14 million and long term debt of rm69 million.

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