PUTRAJAYA: Shapadu Corp Sdn Bhd has deferred its paperwork submission to the Securities Commission for an initial public offering (IPO) of its oil and gas (O&G) business to the first quarter of next year.
The company aims to raise up to RM300 million from the IPO.
Shapadu group executive director Datuk Rosthman Ibrahim attributed the delay to a merger failure.
“There was supposed to be a merger with a foreign company (as part of the IPO plan) but it did not happen. Still, we are eligible to go on our own,” he said after the launch of Shapadu Putrajaya Haven, a mixed development project in Presint 2, by former prime minister Tun Dr Mahathir Mohamad, here, yesterday.
“We have been talking to a few investment banks to secure the best proposal for submission. Hopefully, this can be finalised by year-end for submission in the first quarter of next year.”
On the O&G business, he said the company had tendered for contracts worth RM3 billion this year.
“We hope to land some of the contracts from next month until year-end, hence building up our order book of RM400 million at present.”
Rosthman said the company had expanded into offshore support operations and acquired two offshore support vessels (OSV) early this year.
“We have signed another contract to build another OSV and we will have three OSVs next year.
“This is expected to contribute significantly to our bottom line, which stood at RM27 million last year, by 10 to 15 per cent from 2016.
“We started the OSV business early this year, so its contribution is at between five and seven per cent, which is not the optimum level yet.”
On its property division, Rosthman said the Shapadu Putrajaya Haven development marked a milestone for the company.
“Our first property project in Kerteh is sold out. We have another piece of land in London earmarked for development.” Bernama