MISC Proposes $973m Deal for Ramunia

Monday, January 21, 2008
MISChas proposed a $973m deal to merge its shipbuilding business with Ramunia Holdings, an oil services company. The merger would expand MISC’s plans to create a regional business building oil rigs to compete against neighbouring Singapore, which is the world’s largest producer of offshore energy platforms. The deal would be a reverse takeover that could allow MISC to list its Malaysia Marine and Heavy Engineering unit under the Ramunia name in hopes of copying the success of Keppel Corp and SembCorp Industries, Singapore’s biggest oil rig builders, which saw a sharp rise in their shares last year due to higher oil prices.

However, the share prices of the Singapore state-owned groups have fallen by around 25 per cent from a peak in October due to worries that a global economic slowdown could lead to lower oil prices and cuts in orders for oil rigs. Under the proposal, MISC would sell Malaysia Marine to Ramunia in return for taking a large stake in the oil rig builder. Source: The Financial Times

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