{"id":680,"date":"2011-06-02T23:19:02","date_gmt":"2011-06-02T15:19:02","guid":{"rendered":"http:\/\/www.nbc.com.my\/blog\/?p=680"},"modified":"2024-11-01T11:29:43","modified_gmt":"2024-11-01T03:29:43","slug":"ipo-msm-malaysia-holdings-berhad","status":"publish","type":"post","link":"https:\/\/www.nbc.com.my\/blog\/ipo-msm-malaysia-holdings-berhad\/","title":{"rendered":"New IPO: MSM Malaysia Holdings Berhad Retail Price RM3.38"},"content":{"rendered":"

\"msm-malaysia-holdings-ipo\"<\/a><\/p>\n

While everyone is talking about Bumi Armada or OLDTOWN IPO, MSM Malaysia Holdings Berhad launched its IPO prospectus today to raise RM814 million.<\/p>\n

Who is MSM Malaysia?<\/strong><\/p>\n

MSM is the leading producer of sugar in the country. Federal Land and Development Authority (Felda) acquired MSM Malaysia, previously known as Malayan Sugar Manufacturing Co, and its related businesses, from PPB Group Bhd for RM1.25 billion two years ago.<\/p>\n

When I was kid, my father always said Robert Kuok \u2013 Sugar King of Malaysia, but it was no longer since 2 years ago when the Malaysian sugar operations were sold to Felda Group.<\/p>\n

At its estimated institutional offer price at RM3.48 (indicative retail price RM3.38 x 100\/97), it now values MSM at market capitalisation of RM2.45 billion (RM3.48 x 703 million enlarged number of shares), almost double from its purchase price it paid for 2 years ago.<\/p>\n

Earnings and net assets<\/strong><\/p>\n

MSM recorded a profit after tax of RM233 million on the back of revenue of RM2,169 million for the year ended 31 Dec 2010. It achieved PAT of RM62 million on revenue of RM503 million for the 3 months ended 31 March 2011. Net Earning per Share (EPS) for the year 2010 was 33.1 sen per share. At institutional offer price of RM3.48, it translates into a PE ratio of 10.3x.<\/p>\n

Based on the proforma balance sheet after entire IPO exercise, the net assets will stand at RM1.431 billion, or net asset of RM2.04 per share. Net tangible assets would be RM773 million or RM1.10 per share (excluding goodwill RM576 million and intangible assets RM83 million).<\/p>\n

Some important dates<\/span><\/strong><\/p>\n

Closing of retail offering \u2013 5:00pm, 13 June 2011 (Monday)<\/strong><\/span><\/p>\n

Balloting of successful application \u2013 15 June 2011 (Wed)<\/strong><\/p>\n

Allotment of shares to successful applicants \u2013 24 June 2011 (Fri)<\/strong><\/p>\n

Listing date \u2013 28 June 2011 (Tue)<\/strong><\/p>\n

How to apply MSM Malaysia IPO?<\/span><\/strong><\/p>\n

We would normally suggest our friends and people to subscribe using online internet banking or ATMs to minimise the possible errors in filing up the IPO application form manually, avoid the hassle to buy bank draft and lost in transit by posting (unless submit by hand to MIH).<\/p>\n

1. Internet share application via online banking<\/strong><\/em><\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n
CIMB<\/span><\/span><\/td>\nwww.eipocimb.com<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
CIMB Bank<\/span><\/span><\/td>\nwww.cimbclicks.com.my<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
Maybank<\/span><\/span><\/td>\nwww.maybank2u.com.my<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
RHB Bank<\/span><\/span><\/td>\nwww.rhbbank.com.my<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
Affin Bank<\/span><\/span><\/td>\nwww.affinonline.com<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
Public Bank<\/span><\/span><\/td>\nwww.pbebank.com<\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

You must have internet banking account with those banks above and an individual CDS accounts under your own name (not in a nominee\u2019s name).<\/p>\n

2. ATM machines<\/strong><\/em><\/p>\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n
Affin Bank<\/span><\/span><\/td>\nAmbank<\/span><\/span><\/td>\n<\/tr>\n
CIMB Bank<\/span><\/span><\/td>\nBank Muamalat<\/span><\/span><\/td>\n<\/tr>\n
EON Bank<\/span><\/span><\/td>\nMaybank<\/span><\/span><\/td>\n<\/tr>\n
HSBC Bank<\/span><\/span><\/td>\nOCBC Bank<\/span><\/span><\/td>\n<\/tr>\n
Public Bank<\/td>\nStandard Chartered Bank (selected branches)<\/span><\/span><\/td>\n<\/tr>\n
RHB Bank<\/span><\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Likewise, you must have an individual CDS accounts under your own name (not in a nominee\u2019s name) to apply IO via ATM.<\/p>\n

3. Manual white application form<\/strong><\/em> submission by post to MIDF Consultancy and Corporate Services Sdn Bhd, Level 8, Menara MIDF, 82 Jalan Raja Chulan, 50200 Kuala Lumpur. P.O.Box 11122, 57736 Kuala Lumpur, or by hand and deposited in the Drop-In Boxes at the Ground Floor of Menara MIDF.<\/p>\n

Summary of IPO fund raising:<\/span><\/strong><\/p>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Institutional offering<\/strong><\/span><\/span><\/td>\nShares<\/span><\/span><\/span><\/td>\nRM<\/span><\/span><\/span><\/td>\nRM million<\/span><\/span><\/span><\/td>\n<\/tr>\n
– offer for sale of shares<\/span><\/span><\/td>\n109,564,700<\/span><\/span><\/td>\n\u00a0<\/span><\/span>3.48 <\/span><\/span><\/span><\/td>\n\u00a0<\/span>382 <\/span><\/span><\/span><\/td>\n<\/tr>\n
– issue of new shares<\/span><\/span><\/td>\n96,880,000<\/span><\/span><\/td>\n3.48 <\/span><\/span><\/span><\/td>\n338 <\/span><\/span><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Retail offering<\/strong><\/span><\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
– offer for sale of shares<\/span><\/span><\/td>\n14,060,000<\/span><\/span><\/td>\n3.38 <\/span><\/span><\/span><\/td>\n48 <\/span><\/span><\/span><\/td>\n<\/tr>\n
– issue of new shares (Malaysia public)<\/span><\/span><\/td>\n14,060,000<\/span><\/span><\/td>\n3.38 <\/span><\/span><\/span><\/td>\n48 <\/span><\/span><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Total IPO fund raising<\/span><\/span><\/td>\n<\/td>\n<\/td>\n814<\/strong> <\/span><\/span><\/span><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Analysed as<\/strong><\/td>\nShares<\/span><\/span><\/span><\/td>\n<\/td>\nRM million<\/span><\/span><\/span><\/td>\n<\/tr>\n
Sale of existing shares<\/span><\/span><\/td>\n123,624,700<\/span><\/span><\/td>\n<\/td>\n429<\/span><\/span><\/td>\n<\/tr>\n
Issue of new shares<\/span><\/span><\/td>\n110,940,000<\/span><\/span><\/td>\n<\/td>\n385<\/span><\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n814<\/span><\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Extract from Bursa Malaysia:<\/span><\/strong><\/p>\n

THE INITIAL PUBLIC OFFERING (\u201cOFFERING\u201d) OF UP TO 234,564,700 ORDINARY SHARES OF RM0.50 EACH IN MSM MALAYSIA HOLDINGS BERHAD (\u201cMSM HOLDINGS\u201d) (\u201cSHARES\u201d) COMPRISING OFFER FOR SALE OF UP TO 109,564,700 EXISTING SHARES (\u201cOFFER SHARES\u201d) AND PUBLIC ISSUE OF 125,000,000 NEW SHARES (\u201cISSUE SHARES\u201d) IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR 702,980,000 SHARES ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD:<\/p>\n

(I) INSTITUTIONAL OFFERING OF UP TO 206,444,700 SHARES COMPRISING:<\/span><\/strong><\/p>\n

\u2022 UP TO 73,811,600 OFFER SHARES TO MALAYSIAN INSTITUTIONAL AND SELECTED INVESTORS AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS OUTSIDE THE UNITED STATES OF AMERICA IN RELIANCE ON REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (\u201cINSTITUTIONAL PRICE\u201d);<\/p>\n

\u2022 35,753,100 OFFER SHARES AND 45,089,900 ISSUE SHARES TO BUMIPUTERA INSTITUTIONAL AND SELECTED INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE; AND<\/p>\n

\u2022 51,790,100 ISSUE SHARES BY WAY OF PLACEMENT TO KOPERASI PERMODALAN FELDA MALAYSIA BERHAD AT THE INSTITUTIONAL PRICE,<\/p>\n

(II) RETAIL OFFERING OF 28,120,000 SHARES COMPRISING:<\/span><\/strong><\/p>\n

\u2022 14,060,000 ISSUE SHARES MADE AVAILABLE TO THE ELIGIBLE EMPLOYEES (AS DEFINED HEREIN) AND PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF THE BUSINESS OF MSM HOLDINGS AND ITS SUBSIDIARIES; AND<\/p>\n

\u2022 14,060,000 ISSUE SHARES MADE AVAILABLE TO THE MALAYSIAN PUBLIC;<\/span><\/p>\n

AT THE RETAIL PRICE OF RM3.38 PER SHARE<\/span><\/strong> (\u201cRETAIL PRICE\u201d), PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE, IN THE EVENT THAT THE FINAL RETAIL PRICE IS LESS THAN THE RETAIL PRICE, SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AND OVER-ALLOTMENT OPTION (AS DEFINED HEREIN).<\/p>\n

THE FINAL RETAIL PRICE WILL BE EQUAL TO THE LOWER OF:
\n(I) THE RETAIL PRICE; AND
\n(II) 97% OF THE INSTITUTIONAL PRICE<\/span>,<\/p>\n

\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nRelated post:<\/span><\/strong><\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nBumi Armada IPO price ranges RM2.40 to RM2.70 per shares<\/span><\/span><\/span><\/span><\/a><\/td>\n<\/tr>\n
2<\/span><\/td>\nBumi Armada IPO draft prospectus updated<\/span><\/span><\/a><\/td>\n<\/tr>\n
3<\/span><\/td>\nUOA Dev on Bursa Malaysia listing with no premium surprises investors<\/span><\/span><\/a><\/td>\n<\/tr>\n
4<\/span><\/td>\nHow to apply MITI approved bumiputra IPO shares?<\/span><\/span><\/a><\/td>\n<\/tr>\n
5<\/span><\/td>\nMSM IPO closing for application by 5:00pm 13 June 2011 (Reminder)<\/span><\/span><\/a><\/td>\n<\/tr>\n
6<\/span><\/td>\nApply IPO: Bumi Armada or OLDTOWN ?<\/span><\/span><\/a><\/td>\n<\/tr>\n
7<\/span><\/td>\nOLDTOWN BERHAD IPO: Draft Prospectus Re-exposed<\/span><\/span><\/a><\/td>\n<\/tr>\n
8<\/span><\/td>\nUOA Development Bhd IPO Priced at RM2.52 oversubscribed 3.40 times<\/span><\/span><\/a><\/td>\n<\/tr>\n
9<\/span><\/td>\nUOA Development IPO closing today 25 May 2011<\/span><\/span><\/a><\/td>\n<\/tr>\n
10<\/span><\/td>\nNew Mega IPO : Bumi Armada Berhad \u2013 Date? Price?<\/span><\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

While everyone is talking about Bumi Armada or OLDTOWN IPO, MSM Malaysia Holdings Berhad launched its IPO prospectus today to raise RM814 million. Who is MSM Malaysia? MSM is the leading producer of sugar in the country. Federal Land and Development Authority (Felda) acquired MSM Malaysia, previously known as Malayan Sugar Manufacturing Co, and its […]<\/p>\n","protected":false},"author":6,"featured_media":6048,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[88,73,87],"class_list":["post-680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-malaysia-news","tag-bursa-ipo","tag-initial-public-offering","tag-investment"],"_links":{"self":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts\/680"}],"collection":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/comments?post=680"}],"version-history":[{"count":1,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts\/680\/revisions"}],"predecessor-version":[{"id":6692,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/posts\/680\/revisions\/6692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/media\/6048"}],"wp:attachment":[{"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/media?parent=680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/categories?post=680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nbc.com.my\/blog\/wp-json\/wp\/v2\/tags?post=680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}