Harbour-Link chalks up 136% premium on debut
By admin In News On January 7, 2004
Harbour-Link Group Bhd 
, which has assumed Tongkah Holdings Bhd’s listing status on the KLSE main board, made its debut yesterday at RM2.48, a massive 136% premium over its indicative price of RM1.05.
The company, which provides logistic and engineering services for the oil and gas industry, saw its shares soar to an intra-day high of RM2.83 before they slipped back in the afternoon session under heavy selling pressure.
The stock closed at RM2.15, near the day’s low of RM2.08, on a total volume of 14.64 million shares.
Francis Yong Piaw Soon (third from left, foreground) and Harbour-Link Group directors pointing at the opening price of the company ’s shares. – STARPIC BY RAY LEE
Speaking to reporters in Kuala Lumpur after the listing ceremony, Harbour-Link managing director Francis Yong Piaw Soon said the company had recently submitted bids for oil and gas-related projects worth more than RM100mil in Cambodia and Vietnam to boost its order book.
“We expect to see some results by June,” he added.
Harbour-Link has forecast a net profit of RM17.3mil on revenue of RM245mil for its financial year ending June 30.
The group recently announced a net profit of RM2.18mil on the back of a RM46mil turnover for the first quarter ended Sept 30, 2003.
Yong expects Harbour-Link’s oil and gas division to generate about half of the company’s current year profit.
Harbour-Link is based in the gas-rich town of Bintulu, Sarawak.
The group has built a record as an integrated logistic and multi-disciplinary engineering, procurement, construction and commissioning services provider.
Notable local projects completed by the company included the Petronas/Shell Klang Valley distribution terminal in Puchong, Selangor; Caltex Pulau Indah Terminal; Petronas Onshore Gas Terminal in Sabah; Miri airport upgrade; and Malaysia LNG-MLNG Tiga plant.
Abroad, the group has completed works for Total Cambodia Terminal, Maldives airport (petroleum storage facilities), and Caltex Cambodia Terminal.
Yong said the group was also eyeing the lucrative spin-offs from the Bakun Dam project such as logistics, transportation and equipment rental.
“We have submitted bids for several portions of the project.
“Given our position as one the bigger companies in the locality, we have the advantage over our competitors,” he said.
