Stocks In Focus MY (CLIQ Energy, IHH Healthcare, Perak Corp) – 24/03/15
CLIQ Energy Suspends Shares For Possible Acquisition
Special-purpose acquisition company (SPAC) CLIQ Energy has suspended its shares, raising speculation that the company would likely enter an agreement to acquire an oil and gas (O&G) field.
There has been negotiations over the two years but the firm has seemingly settled on an O&G field in Kazakhstan, suspending shares since 3.38pm on 23 March until 5pm on 24 March.
The acquisition comes right before the deadline to acquire a qualifying asset (QA) as per SPAC guidelines issued by Securities Commission (SC). Once approved, the SPAC will graduate to become a junior O&G company. Being the second SPAC listed after Hibiscus, CLIQ was earlier reported to have shortlisted some assets in Indonesia and Pakistan for its QA.
Significance : With the falling oil prices, there is talk that O&G SPACs could take the opportunity to make their QAs as it could provide them with better bargaining power while negotiating for oilfield assets.
IHH Buys 51% Stake In India’s Continental Hospitals For RM167m
IHH Healthcare has acquired a 51 percent stake in Hyderabad, India-based Continental Hospitals (CHL) for RM166.7 million.
The group was previously blocked from acquiring Radlink-Asia from Fortis Healthcare Singapore for RM346.5 million, as the acquisition would have resulted in a substantial lessening of competition in the area of radiology and imaging services for private outpatients in the island-republic.
Acquiring 71.1 million shares in CHL, IHH will own a 750-bed hospital with involvement in “delivering primary, secondary, tertiary and quartnery healthcare services.”
Significance : Previously, it has been reported that US private equity firm TPG Capital Management was also interested in a controlling stake in CHL, which valued the privately owned chain at US$350 million. The successful acquisition will enhance IHH’s exposure in India, where it owns a nearly 11 percent stake in Apollo Hospital Enterprises, India’s largest private hospital chain.
Perak Corp Rejects Amin’s Offer To Buy 5% Of Integrax
Perak Corporation has rejected Integrax debuty chairman Amin Halim Rasip’s offer to buy a 5 percent stake in Integrax for RM3.50 per share mainly due to Amin’s offer not being backed up by any bank guarantee or cash deposit for the total purchase price of RM52.64 million.
Amin currently owns directly and indirectly 24.6 percent stake in the port operator and offered to acquire 15 million Integrax shares from Perak with the condition that the latter retained ownership of the remaining 10.7 percent of the stocks for the next three years. However, Perak stands firm on its position to sell its 15.7 percent stake to Tenaga Nasional (TNB) for RM3.25 apiece, attributed to the consideration, among others, that Amin’s offer covered only 5 percent equity interest but TNB would cover the entire stake.
The group further mentions that the disposal did not mean an exit from the Lumut Port operations, as the group still has a significant presence in Lumut Port via its 50 percent plus 1 share subsidiary, Lumut Maritime Terminal, the operator of Lekir Bulk Terminal.
Significance : Mentioning that there is no assurance, Perak’s worry of being unable to sell remaining shares due to adverse effects on the shares’ liquidity and public shareholding spread is the main reason for rejecting Amin’s offer.
http://www.sharesinv.com
CLIQ Energy Suspends Shares For Possible Acquisition
Special-purpose acquisition company (SPAC) CLIQ Energy has suspended its shares, raising speculation that the company would likely enter an agreement to acquire an oil and gas (O&G) field.
There has been negotiations over the two years but the firm has seemingly settled on an O&G field in Kazakhstan, suspending shares since 3.38pm on 23 March until 5pm on 24 March.
The acquisition comes right before the deadline to acquire a qualifying asset (QA) as per SPAC guidelines issued by Securities Commission (SC). Once approved, the SPAC will graduate to become a junior O&G company. Being the second SPAC listed after Hibiscus, CLIQ was earlier reported to have shortlisted some assets in Indonesia and Pakistan for its QA.
Significance : With the falling oil prices, there is talk that O&G SPACs could take the opportunity to make their QAs as it could provide them with better bargaining power while negotiating for oilfield assets.
IHH Buys 51% Stake In India’s Continental Hospitals For RM167m
IHH Healthcare has acquired a 51 percent stake in Hyderabad, India-based Continental Hospitals (CHL) for RM166.7 million.
The group was previously blocked from acquiring Radlink-Asia from Fortis Healthcare Singapore for RM346.5 million, as the acquisition would have resulted in a substantial lessening of competition in the area of radiology and imaging services for private outpatients in the island-republic.
Acquiring 71.1 million shares in CHL, IHH will own a 750-bed hospital with involvement in “delivering primary, secondary, tertiary and quartnery healthcare services.”
Significance : Previously, it has been reported that US private equity firm TPG Capital Management was also interested in a controlling stake in CHL, which valued the privately owned chain at US$350 million. The successful acquisition will enhance IHH’s exposure in India, where it owns a nearly 11 percent stake in Apollo Hospital Enterprises, India’s largest private hospital chain.
Perak Corp Rejects Amin’s Offer To Buy 5% Of Integrax
Perak Corporation has rejected Integrax debuty chairman Amin Halim Rasip’s offer to buy a 5 percent stake in Integrax for RM3.50 per share mainly due to Amin’s offer not being backed up by any bank guarantee or cash deposit for the total purchase price of RM52.64 million.
Amin currently owns directly and indirectly 24.6 percent stake in the port operator and offered to acquire 15 million Integrax shares from Perak with the condition that the latter retained ownership of the remaining 10.7 percent of the stocks for the next three years. However, Perak stands firm on its position to sell its 15.7 percent stake to Tenaga Nasional (TNB) for RM3.25 apiece, attributed to the consideration, among others, that Amin’s offer covered only 5 percent equity interest but TNB would cover the entire stake.
The group further mentions that the disposal did not mean an exit from the Lumut Port operations, as the group still has a significant presence in Lumut Port via its 50 percent plus 1 share subsidiary, Lumut Maritime Terminal, the operator of Lekir Bulk Terminal.
Significance : Mentioning that there is no assurance, Perak’s worry of being unable to sell remaining shares due to adverse effects on the shares’ liquidity and public shareholding spread is the main reason for rejecting Amin’s offer.
http://www.sharesinv.com
