Swiber   

at what price to buy?

The results for the 1q are not good, now on its way down.:-(

 

 swiber go go go  up up. 0.49 -- one week ---0.56--after 8 days --- 0.71.

I have sell of half of my share make $ 1000. , and I buy in Midas . the smae Aluminium  manufacture  listing in Hong Kong IPO PRICE HK $ 8.80 = > SG$ 1.66.

WHAT MIDAS MOVE UP TODAY . .0.74 ..0&5.. s$ 1.20





Aluminum-products manufacturer China Zhongwang Holdings raised US$1.26 billion in the world's largest initial public offering (IPO) so far this year,

LISTING ON HONG KONG

Chinese aluminium group launching biggest global IPO to date

New mining listing? Tough mining markets? Yes and no: think China Zhong Wang, a big producer of aluminium.

Author: Barry Sergeant
Posted:  Monday , 20 Apr 2009


JOHANNESBURG  - 

Mining companies around the world have so far in 2009 raised nearly USD 60bn, all of it completely outside any banking system/s, but to date none of the capital has come in by way of an IPO (initial public offer), which entails a new listing. Today China Zhong Wang, the aluminium division of holding company Liao Ning Zhong Wang Group, started marketing for its planned 8 May listing in Hong Kong, that would involve raising up to the equivalent of USD 1.6bn, equal to 26% of its enlarged capital. 

If the stock lists at that valuation, its full value would be USD 6.6bn, which would rank China Zhong Wang as the third most valuable listed specialist aluminium stock, after

Chalco, with a market value of USD 15.6bn, and Alcoa, which currently carries a market value of USD 9bn. Russia's Evraz, which, like Alcoa, tends to rank itself as the world's biggest aluminium entity, remains unlisted. Then again, Rio Tinto Alcan markets itself as "the global leader in the aluminium industry". 

Should China Zhong Wang succeed in its IPO, at the kind of price level it is suggesting, this would be the world's biggest IPO in the year to date, across all global equity sectors. Aluminium, however, is the least recovered of the base metals, given a stubborn composite refusal by the global sector to amend supply in line with changed demand conditions. 

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=82069&sn=Detail

 

 http://www.zhongwang.com/

http://www.hkexnews.hk/index.htm

 

 

ok, sifu, will follow yours n NN Dee advices, selectively buy in. Cheers.

samson      ( Date: 17-Apr-2009 09:43) Posted: World economy expected to pick up before US mid-term elections, says MM Lee when econcomy pick up , the bank stock up up , property  up up , oil price up up , spc up up , oilfiled company up also , kepcorp swiber ,

 

World economy expected to pick up before US mid-term elections, says MM Lee
when econcomy pick up , the bank stock up up , property  up up , oil price up up , spc up up , oilfiled company up also , kepcorp swiber ,

 

drop since  $3.20 at 20-May-08  

Now is time to recovery   0.70

Swiber Holdings Limited

Co Reg No. 200414721N

12 International Business Park, CyberHub@IBP #04-01 Singapore 609920

Tel: +65 6505 0800 Fax: +65 6505 0802

http://www.swiber.com

A World Class Company

In the Offshore Industry

RECLASSIFICATION OF SUB-ITEMS IN THE CONSOLIDATED CASH FLOW STATEMENT IN THE

UNAUDITED FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE

YEAR ENDED 31 DECEMBER 2008

The Board of Directors of Swiber Holdings Limited (the “Company”) wishes to announce that subsequent

to the release of the Company’s announcement of its unaudited results for the year ended 31 December

2008 on 28 February 2009, the Auditors of the Company has made certain reclassification to the

unaudited consolidated cash flow statement of the Group for the financial year ended 31 December 2008.

In the Company’s Annual Report FY2008 the audited Consolidated Cash Flow Statement for the year

ended 31 December 2008 is provided in pages 49 and 50.

Shareholders are to note that the reclassification did not have any impact on the Company’s results.

The Company wishes to clarify the aforesaid reclassification by appending below the Unaudited

Consolidated Cash Flow Statement and Audited Consolidated Cash Flow Statement for the year ended

31 December 2008:-

Consolidatd cash flow statement

Year ended 31 December 2008

Audited Unaudited Differences Notes

US$'000 US$'000 US$'000

Operating activities

Profit before income tax 45,235 45,235 -

Adjustments for :

Interest income (832) (832) -

Allowance for doubtful debts 4,043 4,043 -

Interest expense 11,131 11,131 -

Depreciation of property, plant and equipment 8,656 8,656 -

Property, plant and equipment written off 10 10 -

Gain on disposal of property, plant and equipment (3,377) (3,377) -

Gain on disposal of assets held for sale (12,279) (12,279) -

Provision for employee benefits (18) (18) -

Negative goodwill - - -

Share of profit of associate and joint venture (2,839) (2,839) -

Operating cash flows before movement in working

capital 49,730 49,730 -

Trade receivables (21,099) (21,099) -

Engineering work-in-progress in excess of progress

billings (79,387) (79,387) -

Swiber Holdings Limited

Co Reg No. 200414721N

12 International Business Park, CyberHub@IBP #04-01 Singapore 609920

Tel: +65 6505 0800 Fax: +65 6505 0802

http://www.swiber.com

A World Class Company

In the Offshore Industry

Inventory (4,681) (4,681) -

Other receivables (38,943) (38,942) (1) A

Other assets (18) (18) -

Trade payables 48,527 48,526 1 A

Other payables 61,258 61,258 -

Cash generated from / (used in) operations 15,387 15,387 -

Income taxes paid (2,099) (2,099) -

Interest expense paid (13,167) (11,131) (2,036) B

Cash generated from / (used in) operating activities 121 2,157 (2,036)

Investing activities:

Interest income received 832 832 -

Proceeds on disposal of property, plant and

equipment 19,475 19,475 -

Proceeds on disposal of assets held for sale 34,706 34,706 -

Purchases of property, plant and equipment (224,223) (226,259) (2,036) B

Additions to non-current assets held for sale (33,112) (33,112) -

Minority interest contribution for share capital of

subsidiary 48 48 -

Investment in subsidiary - - -

Investment in associate (156) (156) -

Investment in joint venture (2,274) (2,274) -

Net cash used in investing activities (204,704) (206,740) (2,036)

Financing activities:

Repayment of bank loans (133,426) (133,426) -

Pledged deposits 8,472 8,472 -

Proceeds on issue of bonds 92,282 92,282 -

Proceed on issue of shares - - -

Purchase of treasury shares (2,507) (2,507) -

Share issue expenses - - -

Repayment of obligations under finance leases (721) (721) -

Redemption of bonds (8,331) (8,331) -

New bank loans raised 235,077 235,077 -

Net cash from financing activities 190,846 190,846 -

Net (decrease) / increase in cash and cash

equivalents (13,737) (13,737) -

Cash and cash equivalents at beginning of the year 82,632 82,632 -

Effects of exchange rate changes on the balance of

cash held in foreign currencies

(808) (808) -

Cash and cash equivalents at end of the year 68,087 68,087 -

Swiber Holdings Limited

Co Reg No. 200414721N

12 International Business Park, CyberHub@IBP #04-01 Singapore 609920

Tel: +65 6505 0800 Fax: +65 6505 0802

http://www.swiber.com

A World Class Company

In the Offshore Industry

Notes :

A : Rounding errors

B: Reclassification of capitalised borrowing cost to Interest expense paid instead of Purchases of property, plant and

equipment

BY ORDER OF THE BOARD

Goh Kim Teck

Executive Chairman and CEO

14 April 2009

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F4FD90BEE59BDAA5482575980019E940/$file/Announcement-Reclassification_FY2008.pdf?openelement

 

Swiber  (13 Apr 2009)

By Carmen Lee Mon, 13 Apr 2009, 08:20:12 SGT Market Pulse: Swiber & Willas-Array (13 Apr 2009) FOCUS Swiber Holdings: Reducing debt, but valuations look stretched Summary: According to a recent article by upstreamonline, Thai contractor CUEL is planning to buy Swiber’s derrick pipelay barge. In such a case, Swiber’s leverage ratio may be reduced if the group channels the proceeds to pay off some of its debt. The group has also undertaken a few activities to pare down its debt. Although the above is positive news, we note that 1Q09 earnings may continue to feel the impact of previous delays in vessel deliveries. Management expects net gearing (1x as of 31 Dec 08) to fall with delivery of vessels under its sales and leaseback programme, but this is heavily dependent on timely vessel deliveries. We are keeping our FY09/10 estimates and fair value estimate of S$0.35 but are downgrading the stock to a SELL purely based on valuations. (Low Pei Han) For more information on the above, visit www.ocbcresearch.com for detailed report.

 

SWIBER HOLDINGS LIMITED

Company Registration Number: 200414721N

PROPOSED SALE OF SHARES IN ASSOCIATED COMPANY

1. THE PROPOSED SALE

1.1 The board of directors of the Swiber Holdings Limited (the "

with its subsidiaries, the "

subsidiary, Swiber Offshore Construction Pte. Ltd. ("

"

Agreement

"

1,407,030 ordinary shares (the "

Holdings Pte. Ltd. ("

1.2 The Sale Shares represent 30% of the issued share capital of OBT.

1.3 As the Sale Shares represent the Group's entire interest in OBT, upon the completion

("

to be the date falling seven days from the Signing Date, the Company will cease to

have an interest in OBT, and OBT will cease to be an associated company of the

Company as defined under the listing manual of the Singapore Exchange Securities

Trading Limited (the "Company" and togetherGroup") is pleased to announce that its wholly-ownedSwiber Offshore"), has today (theSigning Date") entered into a sale and purchase agreement (the "Sale and Purchase") on a willing buyer willing seller basis with Mineral Energy Pte. Ltd. (thePurchaser"), pursuant to which Swiber Offshore agreed to sell to the PurchaserSale Shares") in the issued share capital of OBTOBT").Completion") of the abovementioned sale (the "Proposed Sale") which is scheduledListing Manual").

2. CONSIDERATION

2.1 The consideration (the "

2.2 The Consideration is to be satisfied in cash in the following manner:

(a) a sum of US$2,000,000, payable seven days from the Signing Date;

(b) a sum of US$500,000, payable 30 days from the Signing Date;

(c) a sum of US$500,000, payable 60 days from the Signing Date; and

(c) a sum of US$900,000, payable 90 days from the Signing Date.

2.3 The Consideration of US$3,900,000 is calculated based on the book value of OBT as

disclosed in the latest announced unaudited financial statements of the Company for

the financial year ended 31 December 2008 of approximately US$3,973,940.

2.4 The Proposed Sale is a Non-Discloseable Transaction under Rule 1008 of the Listing

Manual.Consideration") for the Proposed Sale is US$3,900,000.

- 2 -

3. FINANCIAL INFORMATION REGARDING OBT

3.1 Based on the latest announced unaudited financial statements of the Company for the

financial year ended 31 December 2008:

(a) Book Value

The book value of OBT is approximately US$3,973,940.

(b) Net Tangible Asset Value

The net tangible asset value of OBT is approximately US$3,012,317.

6. INTEREST OF DIRECTORS AND CONTROLLING SHAREHOLDERS

None of the Directors or controlling shareholders of the Company has any interest,

direct or indirect, in the Subscription, save for their interests arising by way of their

directorships in the Company and Victorious.

7. DOCUMENTS AVAILABLE FOR INSPECTION

A copy of the Sale and Purchase Agreement may be inspected at the registered office

of the Company at 12 International Business Park, #04-01 Cyberhub @ IBP, Singapore

609920 during normal business hours for a period of three (3) months from the date of

this announcement.

BY ORDER OF THE BOARD

Goh Kim Teck

Executive Chairman and CEO

7 April 2009

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_A7DABD6A31FF96944825759100332845/$file/Announcement-OBT_Divesment.pdf?openelement

 

 

This Gem is to collect at 0.3 or below. Immediate resistance 0.33, 0.36 in a day or two if STI continous rally. Feb Low Resistance is 0.52.. ---> Many Meat

 

wonder got any like this counter,or any opinion on this...

 

No. of shares held before the change 35,000,000

No. of shares held after the change 35,100,000  

one of the director brought 100 lots

 

 

this china counter got power man... any news ??

 

I think it will fall again tmr.

rabbitfoot      ( Date: 03-Mar-2009 16:57) Posted: How to buy when DBS asks you to sell....

 

How to buy when DBS asks you to sell....

 

Anybody knows why this baby is falling thru' the proverbial roof?Tks.

 

Its FY is Dec.

Since 04, it didn't give any div. Dun know why???

Chairman n CEO/MD is the same person.

 

Swiber’s 3QFY08 revenue swells 186.5% to US$130.1 million on firm demand for offshore services

• Healthy financial position- capex for vessels purchases up to 2010 fully matched by funding
• Order book of US$607 million as at 30 September 2008
• Confident that long-term fundamentals and outlook of the offshore industry remain positive

Financial Highlights for the three months and nine months ended 30 September: (in US$’m)

Net profit 3QFY2008    $18.2   -7.4% 
Net profit 9MFY2008   $50.7   +72.1%

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_EF73DAC2CDE8B85C48257501003DCF31/$file/Swiber_Press_Relase.pdf?openelement

 

What do you mean by 'heavy liabilities'? If I'm not mistaken, their 2QFY08 Balance Sheet shows a nett asset of USD215,000,000 (rounded) which consists of S/Holders' Funds of USD213,000,000 and Minority Interest of USD2,000,000.

Maybe you only read 1 side of the Balance Sheet. Cheers!

Farmer      ( Date: 09-Sep-2008 12:13) Posted: This one has got heavy liabilities....but DBS still recommend a buy with $4+ target price???

 

Ask DBS to buy more !!

Farmer      ( Date: 09-Sep-2008 12:13) Posted: This one has got heavy liabilities....but DBS still recommend a buy with $4+ target price???

 

In this market, dont trust the analysis report by broking house. Better to stay side line and collect your own data chart before jumping into the water.Not to enter is already a good decision in this volatility condition.

Good luck.

 

This one has got heavy liabilities....but DBS still recommend a buy with $4+ target price???