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发表于 28-6-2009 07:42 PM
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Ranhil 手头上有１２亿现金。。如果私有化只要５～６亿，我看很快就要私有化了
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On the face of it, Pengurusan Aset Air Bhd’s (PAAB) acquisition of Ranhill Bhd’s water assets in Johor for one times book value may not sound exciting. But deeper scrutiny will reveal that the deal is not all that bad for the latter.
In fact, it raises the question of whether PAAB is giving away too much too easily to concessionaires that got the privatisation contract without having to compete for it.
Apart from the net asset surplus of RM521.4 million that Ranhill will get from the disposal, the company will also see a release of its own cash amounting to some RM636.9 million that is tied at the subsidiary level, probably as collateral for debts. So, in total, Ranhill will be able to realise cash of some RM1.2 billion from the disposal of the assets to PAAB.
The deal does not end there. Ranhill also gets to operate the water assets for the next three years at a discount from the required lease rental rates that are payable to PAAB. If there were no discount, Ranhill through its subsidiary, SAJ Holdings Sdn Bhd (SAJH), would have to pay 6% lease rental to PAAB based on its cost of investment in the water assets.
Effectively, although the headline valuation is only a mundane one times book value, the other benefits accruing to Ranhill such as the release of its cash that is tied up at the subsidiary level and the opportunity of operating the water assets for the next three years at a discount are benefits that are above the basic value of the water assets. This raises the question as to why PAAB is being so generous in its offer. Why is there a discount given for three years? What is the value of the discount in monetary terms? And will other operators also get similar discounts?
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[ 本帖最后由 325525 于 29-6-2009 06:11 AM 编辑 ] |
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