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Wah! Like that ah?
So bad meh?
SINGAPORE, Oct 3 (Reuters) - Marine fuel supplier Chemoil Energy Ltd. Has withdrawn its initial public offering due to weak investor demand on the back of lower oil prices. ISIT true??.
So can we still know the balloting results on the 03 Oct?
The extension of dateline?. Further more, like that, very cha-lat memm...
Like Nos said, Chemoil could be undersubscribed so that is why the extension of dateline. Further more, the IPO price is not cheap either!
Epure could be a better bet!!No vested interest!
"Strong and branded" angmo underwriters do not guarantee that it will sure open and trade above water. (SP Ausnet and Thai Beverage are good recent examples)
Anyway, three strong Angmo underwritering this ipo, they r all but going to hold this fort just above water, just my guess.
Closed liao oso to late to pull out, isit some thing like Banyan tree??. Like that very "cha-lat" liao, just wishes (vested) all, good luck yahh..
It has lowered the indicative price range for its share sale to US$0.55-US$0.85, two fund managers familiar with the deal told Reuters on Monday.
"It has been revised down to US$0.55-0.85 range," said a fund manager with a foreign bank in Singapore who declined to be named.
The revised price range means that Chemoil's share offering could now raise between US$242m - US$374m for the company and its existing shareholder.
The offer is expected to be priced within the next 24 hours, bankers close to the deal said.
It has also extend the deadline for the placement shares to Oct 3, noon from 9am.
The extension and lowering of price could be a sign that demand is lower than expected.
re my earliers posting an error occurred on HK. I mean USA. oops too many ipos at one go this month.
don't feel good about this one as the net profit margin is very low over 1%. wonder why it is HK but come here to list. Volume play is for supply chain management biz. One part of its prospectus mentioned of keeping large inventory and they use the deriatives market for hedging. Reminds me of CAO. Oil priced crashed since the Lebanon/Israel and HedgeFunds loss of 6b. Feeling their next qtr report will reflect some plunged in earnings. Likely the public offer can be undersubscribe. Will continue to read the prospectus later on.
If NRA is correct, it means that Chemoil will be mostly trading "underwater" on debut.
NRA said that at 12.9x historical PE, it doesn't look cheap. Expecially when major oil companies and non-major oil refiners are trading at an industry average historical PE of 9.0x. Going firward, it may face increasing execution risks arising from its new acquisitions. Still, interest will be significant given the strategic sector it's in, and the strong shareholders.
NRA has a fair value of US$0.60. It thinks that there's a possibility to enter at a better price following the stabilizing period. But, NRA is known to be conservative in its views.
Sure got foreign exchange risk involve
Will there be any foreign exchange risks if this IPO is going to trade in USD?
It also supplies jet fuel, petrol and diesel in US and S. America.
IPO at a maximum price of US$0.85 each
Trading in SGD or USD?
I think it's worth subscribing. Definitely better than Thai Bev.
Singapore, on track for record-high shipping fuel sales this year, will tighten standards from the middle of 2007 to help ensure its lead as the world's top bunkering port, a government official said.
Sales of marine fuels rose 11% vs last year to a record high 2.52m tonnes in August, government data showed on Wednesday. Turnover was up 7.3% vs July. In the first eight months of the year sales stood at 18.4m tonnes, up 8.9% over a year ago. Vessel arrival, by tonnage, is also at an all-time high of 115.6m gross tonnes (GT), up 13.4% on-year and 5.4 percent on-month, accounting for the high bunker volumes, according to figures from the Maritime Port Authority (MPA).
"Singapore's success as a bunkering port can be attributed to its stringent quality standards, as customers and testing laboratories will attest," said Lim Hwee Hua, Minister of State for Finance and Transport, at a bunkering conference.
She said the MPA will impose more stringent quality standards on the bunker delivery and sampling processes, which will take effect from June 1 next year.
"With rising bunker prices and and new standards governing bunker quality, assurance of the quality and quantity of the bunkers received will become even more important to customers."
Singapore is Asia's largest transshipment centre, with tankers bearing crude and oil products from the Middle East to China and Japan, as well as container vessels delivering Asian goods to Europe and bulk carriers moving into east Asia.
Growing global shipping traffic has boosted marine fuel demand in the city-state, but the industry has been rocked twice over the past two years by issues of quality and testing.
In early 2005 a batch of Saudi fuel oil cargoes with abnormally high sodium content threatened to damage ships' engines in Singapore, and at the start of this year suppliers struggled to meet stricter global specificatinos that called for a halving in the allowable water content.
On an average basis this year, monthly marine fuel turnover in Singapore stands at 2.3m tonnes, up from last year's average of 2.125m tonnes, the data showed.