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Straits Asia Resources IPO
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lkw1974
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27-Oct-2006 00:26
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i heard that placement given to accreditated client only... i like not qualify.. wat a waste |
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Nostradamus
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26-Oct-2006 17:38
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Straits Resources Ltd expects to raise up to $252m in net proceeds from the IPO of unit Straits Asia Resources, Straits Asia Resources said. Straits Asia Resources is based here but mines coal in Indonesia. Straits Resources is selling a minimum of 320m shares in Straits Asia Resources at $0.72 each, and another 48m shares may be sold to cover oversubscription, Straits Asia Resources said. At least 14m of the IPO shares will sold to retail investors and the rest to institutional investors through an international placement. The IPO will reduce the stake that Straits Resources holds in Straits Asia Resources to 64.6% from from 100% if the over-allotment option is not exercised, or to 59.4% if the over-allotment option is fully exercised. The IPO is being handled by Macquarie Securities as issue manager, global coordinator, bookrunner and underwriter. BNP Paribas Peregrine and CIMB-GK Securities are the sub-underwriters. Final pricing for the IPO will be fixed on Tuesday, the day the offering closes. Trading in the shares is expected to begin on Nov 3. The estimated net proceeds of the IPO will be a minimum of $218.5m if the over-allotment option is not exercised and a maximum of $252m if the over-allotment option is fully exercised. The earnings of Straits Asia Resources have steadily grown over the last three years, rising from a net loss of US$1.50m in 2003 to a net profit of US$17.11m in 2004 and a net profit of US$44.36m last year. In the first half of this year, the company made a net profit of US$26.48, compared to US$16.63m a year before. |
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Nostradamus
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20-Oct-2006 00:00
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"We are hoping to list in November," a Straits Resources spokesman said. Thermal-type coal from Straits' mines are integral to running power generation plants. The newly-listed arm, to be called Straits Asia Resources Ltd., would include 40% of Straits' coal mines in Indonesia's Sebuku island, in the province of South Kalimantan and operated through its Indonesian subsidiary PT Bahari Cakrawala Sebuku. Perth-based Straits Resources, which has a market capitalisation of A$790.6m said on Oct. 3 it had filed a prospectus with SGX. Earlier this year Straits Resources CEO Milan Jerkovic said the decision to seek a Singapore listing followed a successful strategy of commodity diversification that was boosting the company's bottom line. Besides coal, Straits also mines gold in Indonesia and is expanding copper production in Australia, where it also is digging an antimony mine. Its stock, which rose 61% in the first half, is up a further 12% since then. It closed 1.4% higher at A$4.26 on Thursday. |
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SmallFish
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25-Sep-2006 16:01
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Only reporting at newspaper. No prospectus lodged with the MAS yet. |
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Nostradamus
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23-Sep-2006 19:13
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Australia's Straits Resources plans to sell some of its Asian energy and trading assets in an IPO of around US$400m in Q4. The newly listed arm would be called Straits Asia Resources and its assets would include its coal-mining operations in Indonesia's Sebuku island, in the province of South Kalimantan and its coal trading business in Singapore, a source told Reuters. Macquarie Bank is lead managing the IPO. "Straits, which owns all of the assets, is doing an IPO to sell approximately 40% of coal mining operations and other assets and investments in Asia including Indonesia," a source said. Perth-based Straits Resources, which has a market capitalisation of US$554m, plans to file the prospectus with SGX within the next few weeks. Straits' gold mine in Mount Muro, also in South Kalimantan, won't be included in the newly listed company, the source said. Earlier this year Straits Resources had said the new company would focus on acquiring and developing projects in the Asian region, according to its Web site. The Sebuku coal mine produced 850,000 tonnes in the first quarter, a 36% increase from a year earlier, Straits Resources said on its Web site. The firm expects the mine to produce 3.5m tonnes this year. Straits Resources' first-half profit quadrupled, thanks to strong minerals prices. Net profit for the six months to June 30 rose to A$44.3m from A$10.4m the previous year, it said in August. |
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