Friday 29 Mar 2024
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KUALA LUMPUR: Petronas Gas Bhd (PetGas) is now the controlling shareholder in Pengerang LNG (Two) Sdn Bhd (PLNG-2), a special vehicle which used to be wholly-owned by Dialog LNG Sdn Bhd, which in turn is a wholly-owned unit of Dialog Group Bhd.

In a Bursa Malaysia filing yesterday, Dialog said PLNG-2 has ceased to be a subsidiary of Dialog Group following PetGas’ subscription of 780,000 ordinary shares — representing a 72.22% stake in PLNG-2 — for RM780,000, cash. This means that Dialog LNG now only holds 27.78% in PLNG-2.

“The intended equity shareholding of PetGas of 65% and Dialog LNG of 25% in PLNG-2, as earlier announced, will be achieved upon subscription by State Secretary, Johor (Incorporated) (SSI) of its 10% shareholding, which is expected in 2015,” said Dialog in its filing.  According to the shareholders’ agreement signed on Nov 14 this year, PLNG-2 will be restructured whereby PetGas will acquire 65%, Dialog LNG to hold 25%, and the SSI to hold the remaining 10%.

PLNG-2 will develop the liquefied natural gas (LNG) regasification facilities comprising a regasification unit and two units of 200,000 cu m LNG storage tanks with an initial send out capacity of 3.5 million tonnes per annum of natural gas at Pengerang, Southern Johor, for about RM2.7 billion.Dialog shares were five sen lower at RM1.26 with a market capitalisation of RM6.47 billion. PetGas was 24 sen down at RM21, giving it a market capitalisation of RM42.03 billion. An integrated specialist technical services provider to the oil, gas and petrochemical industry, Dialog has a fundamental score of 1.7 on a scale of 0 to 3, according to theedgemarkets.com, with 3 suggesting that it is profitable and has a strong balance sheet. PetGas, on the other hand, has a fundamental score of 2.7.

 

This article first appeared in The Edge Financial Daily, on December 17, 2014.

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