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KUALA LUMPUR: Gas Malaysia Bhd will pay a guaranteed
dividend of 100 per cent and 75 per cent in the first two years,
respectively, after floating its shares on Bursa Malaysia in
1)encumber this year.
MMC Corp Bhd Group Managing Director,
Datuk Hasni Harun said Gas Malaysia is on track for a listing as
part of MMC’s strategy of unlocking value and reducing debt.
"The dividends are also to reward shareholders’ loyalty over the
years.’ Hasni told Business Times in an interview last Friday in
conjunction with MMC’s 100-year anniversary.
MMC and Shapadu
Group own 55 per cent of Gas Malaysia. Tokyo Gas-Mitsui & Co
(Holdings) Sdn Bhd and Petronas Gas Bhd hold another 25 per cent and
20 per cent, respectively. Petroliam Nasional Bhd (Petronas) also
has a golden share in Gas Malaysia.
Gas Malaysia submitted its
initial public offer (IPO) request to the Securities Commission on
August 23 and is waiting for approval.
"Gas Malaysia’s strong
balance sheet with zero debt will attract good response for the IPO.
MMC is optimistic of Gas Malaysia’s prospects as it is poised to
deliver strong and sustainable performance driven by continued
demand from industrial customers," said Hasni.
Gas Malaysia
is the sole supplier of natural gas to the non-power sector and
supplies energy to over 31,000 residential and 600 commercial
customers as well as industrial customers throughout Peninsular
Malaysia.
The company enjoys strong backing from Petronas and
has a long-term agreement with the national oil corporation to
supply 300 million standard cubic feet per day of gas.
Gas
Malaysia’s recession proof gas reticulation business will continue
to provide MMC with a steady stream of cash flow. Hasni revealed
that Gas Malaysia’s volume grew six per cent in the first half of
2011, underlying stable demand for the product.
Hasni was
reported to have said that Gas Malaysia could have a market value of
about RM5 billion and raise up to 11M167 million. MMC’s stake would
be diluted to 30.93 per cent from 41.80 per cent.
MMC,
controlled by tycoon Tan Sri Syod Mokhtar Al-Bukhary. is also
planning other IPOs after Gas Malaysia.
These include 51 per
cent unit Malakoff Bhd next year and subsequently either
wholly-owned Johor Port Bhd, subsidiary Port of Tanjung Pelepas
(PTP) or Johor Port and PTP combined.
"We will see what
happens. We want the port business to mature first generating RM300
million or RM400 million of profit by 2013 before we go for
listing," Hasni added.
FTP and Johor Port made a pre-tax
profit of 11M52 million and RMI 55 million, respectively, in 2010.
Hasni said the listing of the ports is necessary as they are
hitting maximum capacity. It would, therefore, need to spend some
RMI billion to expand.
MMC which operates ports and power
plants, is the country’s largest container port operator commanding
40 per cent of Malaysia’s total container throughput with a maximum
capacity of 8.5 million twenty-foot equivalent units (TEU) last
year.
MMC is also the project delivery partner for the
country’s RM36 billion Mass Rapid Transit project together with
Gamuda Bhd, its joint venture partner.
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