PTT wants to buy rest of Sakari for $1.2b Offer price of $1.90 per share is at 28% premium to Sakari's Friday closing price PTT Public Company Ltd, Thailand's state'controlled energy company, is offering $1.2 billion to buy all the shares it does not already own in Sakari Resources, a mainboard'listed coal company, to strengthen its interest in the coal sector. Buying Sakari would give PTT two coal operations in Indonesia and a customer base of large power generation companies mostly located in Japan, South Korea and Taiwan. PTT's offer price of $1.90 per share in cash is at a 28 per cent premium to Sakari's last traded price of $1.49 a share last Friday. That values the Singapore'based company at $2.2 billion, a massive 30 per cent over its market value of $1.69 billion on Friday. PTT made its offer through its subsidiary, PTT Mining, which already controls 45.3 per cent of Sakari through PTT Asia Pacific Mining. The company said it wanted to increase its shareholding in Sakari to a majority shareholding of over 50 per cent because coal is "an important long'term diversification strategy and growth opportunity for PTT". Coal sales accounted for 1.2 per cent of PTT's sales last year, data compiled by Bloomberg showed. PTT said it did not intend to maintain Sakari's listing on the Singapore Exchange in the event that Sakari did not meet the minimum 10 per cent public float required, but this will still depend on the ultimate level of acceptances it receives and the prevailing market conditions at the relevant time. It also expected to complete the offer by October.

Great Eastern Holdings is selling a 25% stake in a 50:50 joint venture in China for 303mil yuan (S$59.6mil). The book value and NTA a..ributable to the sale stake are 180.7mil yuan and 179.6mil yuan respec..vely, based on a valua..on exercise for the year ended Dec 31, 2011. Great Eastern does not expect the transac..on to have a material effect on its NTA or EPS for the current financial year. 

Ezra Hldgs will separately list its fabrication and engineering arm Triyards Group on the SGX mainboard by distributing 33% or up to 107.2mil of Triyards shares as dividend in specie to Ezra shareholders on the basis of one Triyards share for every 10 Ezra shares held. This will pare Ezra's stake in Triyards to 67%. The proposed distribution is subject to Ezra shareholders' approval at an extraordinary general meeting to be convened. Triyards, which received its conditional eligibility for listing from the Singapore Exchange last Friday, comprises Ezra's three yards in Vietnam and Houston, which undertake fabrication of self-elevating platiorms and other specialised offshore equipment, Ezra's high gearing levels of 1.1x will be unchanged atier Triyards is listed, noted analysts. In the eligibility to list document, Ezra's total borrowings will remain at US$930.8mil as at Aug 30, 2011 even atier the Triyards' distribution. Ezra is currently trading at 10.8x forward PER, based on Bloomberg estimates. 

Goodpack's earnings for the full year ended June 30 rose 4.6% to US$45.22mil. The net profit rise was helped by higher sales in its non?\rubber and synthetic rubber sectors. Another reason for the betier results was its operating income rising to US$2.9mil, from a loss of US$500,000 in the preceding financial year, because of higher interest income and gains from the disposal of plant and equipment. EPS and NAV improved to 9.10 US cents and 56.85 US cents respectively from the preceding year's 8.80 US cents and 50.68 US cents. Boosted by the improvement in the two sectors, full-year revenue climbed 11.7% to US$177.15mil from the preceding year. It has raised its special dividend to 3.0 Singapore cents, on top of its 2.0 Singapore cents final dividend. 

Source: The Business Times

Source: AmFraser