The Star, Wednesday October 19, 2005

Scomi Marine to buy more PT Rig Tenders shares

SCOMI Marine Bhd has offered to pay as much as 310.22bil rupiah to buy 50.93% of PT Rig Tenders Indonesia that it doesn't already own.  

The offer to buy 310.22 million more Rig Tenders shares followed Scomi Marine's purchase of 49.07% of the Indonesian company at 1,000 rupiah each from Chuan Hup Holdings Ltd, Scomi unit International Marine Services Pte Ltd said in a statement in Bisnis Indonesia. The tender offer “is to give an equal opportunity for other shareholders to sell their shares at the same price of Chuan Hup's sale to Scomi Marine.'' The offer price of 1,000 rupiah each is 4.2% higher than Monday's closing price of 960.  

Rig Tenders, based in Jakarta, charters vessels to offshore oil and gas companies and provides rig-building services. “The offer price is only about one time book value, which I think is low compared with its potential,'' said Satrio Utomo, an analyst at PT Trimegah Securities. “If it's about twice book value, maybe it's good to take the offer.'' – Bloomberg