Update Ranhill defers July 31 listing

Update Ranhill defers July 31 listing
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 24 July 2013 19:33

KUALA LUMPUR (July 24): Ranhill Energy and Resources Bhd, which is scheduled to be listed on Bursa Malaysia this July 31, has deferred the proposed exercise "to a later date".

In a press statement, Ranhill said the decision came after Petroliam Nasional Bhd's (Petronas) suspended the licence for Perunding Ranhill Worley Sdn Bhd (PRW) last Wednesday (July 17) to offer oil and gas support services to the national oil firm.

"The suspension follows Petronas' review in relation to the engineering, procurement, CONSTRUCTION [] and commissioning of topside construction work for the LNG regasification facilities project in Melaka (regas project)" Ranhill said.

PRW has agreed to exclusively appoint Ranhill's 51%-owned subsidiary, Ranhill WorleyParsons Sdn Bhd (RWorley), for services in all projects awarded to PRW in Malaysia.

Ranhill and RWorley had on July 18 appealed to Petronas against the suspension.

"The company shall provide an update on the status of the appeal in due course, upon the receipt of Petronas' decision on the said appeal," Ranhill said.

Ranhill said interest of stakeholders of Ranhill and investors of its initial public offering (IPO) will remain safeguarded at all times.

"Ranhill also wishes to assure investors that all monies are currently securely held by the placement agents — Maybank Investment Bank Bhd and CIMB Investment Bank Bhd, as well as Malaysian Issuing House Sdn Bhd.

"In any event, the allotment of the IPO shares to successful applicants, as well as the listing of Ranhill, has been deferred to a later date. Further details will be announced and necessary disclosures will be made in due course," Ranhill said.