Ranhill Energy IPO ‘back on track’

September 10, 2013

Dateline 2013-07-26, Malaysia Chronicle:

Ranhill Energy and Resources Bhd’s RM753 million initial public offering (IPO) seems to be back on track after Petroliam Nasional Bhd (Petronas) lifted a freeze on a licence owned by an affliate company.

It is understood that Ranhill will meet with key Securities Commission (SC) officials early next week to discuss if the IPO can proceed as originally scheduled.

The stock was due to debut on Bursa Malaysia’s Main Market on July 31.

“The SC will make a decision on whether to allow Ranhill to be listed next Wednesday, or have them reschedule the IPO to a later date,” sources told Business Times.

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Highlight: Pre-IPO blow for Ranhill

September 6, 2013

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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Malaysia’s Ranhill Energy delays IPO after Petronas suspends affiliate’s licence

September 5, 2013

Dateline 2013-07-24, Reuters:

Malaysian oil and gas service firm Ranhill Energy will delay its planned July 31 IPO after state oil firm Petronas suspended the licence of an affiliate company earlier this month, Ranhill said on Thursday.

Ranhill Energy said in a statement Petronas scrapped a licence belonging to affiliate Perunding Ranhill Worley (PRW) from July 17 for an indefinite period. Ranhill said it is appealing the decision.

The licence enables PRW to bid for Malaysian projects awarded by Petronas, which has pledged to spend 300 billion ringgit ($94.38 billion) in capital expenditures between 2011 and 2015.

PRW usually outsources Petronas jobs to Ranhill Energy’s 51 percent owned unit, Ranhill Worley Parsons Sdn Bhd, which contributes a significant portion of its Malaysian revenues. Australia’s WorleyParsons Ltd owns 49 percent of Ranhill Worley Parsons.

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