Ranhill president and CEO Tan Sri Hamdan Mohamad said:
KUALA LUMPUR: Ranhill Holdings Bhd has delayed its proposed listing on the Main Market of Bursa Malaysia from Feb 18 to March 16, citing that institutional investors wanted more time to deliberate.
Ranhill, which is involved in environment and energy sectors, said on Friday it had extended its public offering to Feb 25 for retail investors and Feb 29 for the institutional investors.
To date, 172.56 million offer shares had been taken up by three cornerstone investors -- Permodalan Darul Ta’zim Sdn Bhd, Lembaga Tabung Haji and Corston-Smith Asset Management Sdn Bhd.
According to its prospectus, Ranhill planned to raise RM637.5mil in its planned listing exercise, of which RM445mil would be used to repay its borrowings. The floatation followed the reverse takeover of Symphony House Bhd by Ranhill, which was completed in December 2015.
The exercise will involve up to 940.99 million shares, of which a total of 475 million shares of RM1 each will be offered at a retail price of RM1.70 each, subject to a bookbuilding exercise.
On Friday, Ranhill president and CEO Tan Sri Hamdan Mohamad said: “The extension is primarily aimed at facilitating the internal processes of a number of institutional investors, who had requested for more time for deliberation.
“With our track record, we firmly believe that this Offering provides investors with an attractive opportunity to participate in the environment and energy sectors. It is also our intention to recommend a minimum dividend pay-out of 70% of our Company’s profits attributable to equity holders for FY16.”
Ranhill has businesses in the environment and energy sectors. Through its environment business, Ranhill, via its subsidiary SAJ Holdings Sdn Bhd, is the exclusive water operator for the entire State of Johor, providing water supply services to the second most populous state in Malaysia.
It also operates water and wastewater treatment plants, non-revenue water reduction and specialised services in the management and optimisation of water utility assets.
Ranhill also has water and wastewater concessions in China and Thailand, with total combined design capacity of more than 400 million litres per day.
In China, Ranhill operates 10 water, industrial wastewater and water recycling plants in the provinces of Henan, Anhui, Jiangxi and Liaoning.
It is also involved in power generation and is one of the largest independent power producers in Sabah.
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