TAS Offshore seeks listing on Bursa main board

Tuesday, June 30th, 2009

TAS Offshore Bhd, an investment holding company anchored by shipbuilder Tuong Aik Shipyard Sdn Bhd, has ambitious plans for expansion.

TAS Offshore Bhd, an investment holding company anchored by shipbuilder Tuong Aik Shipyard Sdn Bhd, has ambitious plans for expansion.

These included further improving its shipyard facilities, building more vessels and later building its own fleet for charter, said deputy managing director Simon Lau.

Tuong Aik, set up 30 years ago, has so far built about 150 vessels for the oil and gas and mining industries, most of which were exported to Singapore, the United Arab Emirates, Bahrain, Papua New Guinea and Indonesia.

The vessels include tugboats, anchor handling tug, anchor handling tug supply, barges, ferries, workboats and landing craft ranging from 23 to 60 metres in length.
The shipbuilder also plans to expand into the Tanjung Manis Shipbuilding Zone in Tanjung Manis which is designated for the construction of bigger ocean-going vessels in the near future.

Lau was speaking to reporters after the signing of an underwriting agreement with the OSK Investment Bank Bhd in conjunction with its initial public offering (IPO) to list on the Main Board of Bursa Malaysia Securities Bhd.

TAS Offshore’s managing director Datuk Lau Nai Hoh signed on behalf of the company while OSK Investment Bank was represented by its deputy chief executive officer Wong Chong Kim.

The signing was witnessed State Environment and Public Health Minister Datuk Seri Wong Soon Koh and TAS Offshore’s chairman Datuk Mohammad Anu.

TAS Offshore’s IPO comprised a public issue of 77 million new ordinary shares of 50 sen each and an offer for sale of 11 million ordinary shares at 50 sen each.

Of the public issue, 3.5 million shares will be reserved for eligible directors and employees of TAS Offshore and its subsidiary and nine million for application by the public.

Another 21.5 million shares will be for application by way of placement to identified investors and 43 million shares for Bumiputera investors approved by the International Trade and Industry Ministry.

For its financial year ended May 31, 2008, exports contributed RM108.2 million or 89 per cent to TAS Offshore’s total revenue. Revenue amounted to RM121.3 million with net profit at RM16 million.

The company said it has been growing at a compounded annual growth rate of 33 per cent annually for the past three years.

According to Lau, the company’s order book will keep it busy up to 2011.

He said that TAS Offshore was the second shipbuilding company in Sarawak to seek public listing, following the Sealink group from Miri which listed last year.

Source: Bernama