Tuesday, November 20, 2012

Jetson ... Nov12



The Shapadu Group is set to emerge as a strategic shareholder in construction concern Jetson, in a bid to beef up its property and infra division.

The privately held Shapadu, which derives most of its earnings from oil and gas activities, will take up the lion’s share of a proposed placement exercise by Jetson.

In Oct 2012, Jetson proposed a share placement plan involving up to 8.19 million new rm1 shares to raise working capital at indicative price of rm1.18 per placement share.

Jetson will then undertake works on Shapadu’s construction projects. The collaboration with Jetson will bode well for Shapadu’s construction arm, which is currently (Nov 2012) bidding for about rm500 million worth of jobs.

The current (Nov 2012) construction team at Shapadu is new and small. So with Jetson in the picture, they have a better chance in construction bids.

Shapadu, which has an oil and gas order book of about rm1.2 billion has been expanding into property development for the past two years prior to Nov 2012. The group is currently (Nov 2012) developing over 100 terraced houses in Terengannu.

Jetson has other assets that do not depend on the cyclical construction sector. In fact it derives the bulk of its revenue from its manufacturing division, which produces natural and synthetic rubber moulds for the auto industry.

It also has a 25 year concession to manage a hostel and accommodation for UPM students under the BOT concept.

Together, almost 90% of Jetson’s revenue comes from manufacturing and the management of hostel while the remainder comes from construction and property.

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