Highlight: Pre-IPO blow for Ranhill


Dateline 2013-07-24, The Edge:

Petroliam Nasional Bhd (Petronas) has suspended its licence to Perunding Ranhill Worley Sdn Bhd (PRW), an affiliate of soon to be listed Ranhill Energy and Resources Bhd.

The suspension of PRW, which provides Ranhill Energy with a steady stream of oil and gas (O&G) jobs in Malaysia, is believed to have been served on the company without advance notice.

Sources say the development is material and may impact the listing of Ranhill Energy scheduled for next Wednesday. Company officials could not be contacted to determine if the latest development would affect its listing next week.
According to sources, the indefinite suspension affects PRW’s operations in both upstream and downstream activities.
“With the suspension, RWP will not be allowed to use its Petronas licence or bid for any Petronas projects. Also, once [the company is] suspended any work in an ongoing tender will be assumed by the next qualified bidder,” a source said.

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