KUALA LUMPUR,: Maybank Investment Bank Bhd (Maybank IB) is issuing eight new European-style cash-settled structured warrants over ordinary shares, with an issue size of 100 million each.
In a statement yesterday, Maybank IB said the warrants, which will be listed on Feb 19, 2014, were issued to Coastal Contracts Bhd , Malaysia Marine & Heavy Engineering Holdings Bhd, Malaysian Bulk Carriers Bhd , NCB Holdings Bhd, Perdana Petroleum Bhd , Perisai Petroleum Teknologi Bhd , Petronas Dagangan Bhd and Yinson Holdings Bhd .
It said the tranche featured the oil and gas segment, with a focus on offshore support vessel (OSV) operators.
“The Petronas-driver will continue to shape the outlook in 2014 with a majority of projects under development moving into production,” said Maybank IB.
It added with rig demand nearing an all-time high, OSV activities that complemented drilling were on the rise on the back of sustained contract awards.
Meanwhile, Maybank Research has an “overweight” call on the oil and gas sector.
It said decent day rates, high utilisation rate of more than 70% and long tenures of three to five years would drive demand for mid- to large-sized anchor handling tug supply, workbarges/boats and platform supply vessels to support green- and brown-field activities. – Bernama
The terms and conditions of the warrants were stated in their respective term sheets and investors should read the term sheets together with the Base Prospectus dated Oct 2, 2013 and the First Supplementary Base Prospectus dated Jan 15, 2014, it added. – Bernama