Tuesday, November 27, 2012

MRCB ... Nov12

The rising valuations of MRCB is complicating a proposed asset injection exercise that would pave the way for the Gapurna group to emerge as a substantial shareholder in the construction company.
 
Unless the Gapurna group ends up with a meaningful stake of at least 20% stake, it would not be keen on pursuing the deal.
 
The vehicle that is being injected into MRCB is Nusa Gapurna Sdn Bhd, a company that has 60 acres of prime land in several locations in and around KL.
 
The Gapurna group, headed by MD and founder Datuk Mohamed Salim Fateh Din, has a 60% stake in Nusa Gapurna while the EPF holds the rest.
 
The valuation of the landbank owned by Nusa Gapurna is said to be between rm900 million and rm1 billion. The asset to be injected in exchange for shares.
 
But based on the current share price (25 Nov 2012), Gapurna will not be able to end up with a stake of at least 20%. That being the case, the group may not want to do the deal.
 
Based on the price of rm1.66 and assuming Nusa Gapurna is injected into MRCB, Gapurna group would end up with about 18% equity stake. It would not be an attractive proposition for the group.
 
The other option is to inject more land into Gapurna to increase its valuation. That is not a likely option because at the end of the day, the group would be looking at the true valuation of MRCB.
 
Even after the proposed injection of Nusa Gapurna, the EPF will still very much be the largest shareholder in MRCB with its 40% stake in the former.
 
Nusa Gapurna’s crown jewel is a 40 acre site in PJ that is being developed into a prime commercial and transport hub. The Selangor State Development Corp (PKNS) has a 30% stake in the project that will be called PJ Sentral garden City.
 
Besides the land in PJ, Nusa also has land in SJ and Jln Ampang.
 
The biggest benefit for MRCB from the deal is the 40 acre site would allow it to continue working on prime urban land after completing the KL Sentral project. The Nusa landbank will keep it going for a few more years.
 
MRCB is a majority owned by the EPF.
 
The injection of Nusa Gapurna into MRCB would see the immediate land for development,
 
Apart from replenishing MRCB’s urban landbank, the proposed transaction would see the Gapurna group taking the lead in the management of the company.

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