YTL Power Acquiring Control of Ranhill Utilities
YTL Power Acquiring Control of Ranhill Utilities
In an exchange filing on May 28, YTL Power said its indirect 70%-owned subsidiary, SIPP Power Sdn Bhd, will be paying 99.5 sen per Ranhill Utilities share in the corporate move. Analysts view the move positively, noting potential synergies for YTL Power, particularly in water operations and RE
分析師持積極態度，認爲YTL Power公司在水務和可再生能源方面存在協同效應。
YTL Power International Bhd is on fire. Just recently, the power utility and infrastructure group was in the news for its involvement in advanced data centre projects. Linked to that is the artificial intelligence (AI) wave.
YTL Power International Bhd非常活躍。該公用事業和基礎設施集團最近在先進數據中心項目中有着重要的進展。與此相關聯的是人工智能(AI)浪潮。
Now, the utilities arm of YTL Corp Bhd made another big corporate manoeuvre when it moved in to take a controlling stake in Ranhill Utilities Bhd. It has scooped up the shares related to Tan Sri Hamdan Mohamad for RM405.2 million in a move that will see it making an offer for the remaining shares that it does not own.
現在，YTL Corp Bhd的公用股又進行了一次重大的企業舉措，入主Ranhill Utilities Bhd，成爲一傢俱有控制權的公司。它以4.052億令吉的價格收購了與丹斯里哈姆達納穆罕默德有關的股票，這一舉措將使YTL Power公司向持股剩餘部分提供收購要約。
In an exchange filing on May 28, YTL Power said its indirect 70%-owned subsidiary, SIPP Power Sdn Bhd, will be paying 99.5 sen per Ranhill Utilities share in the corporate move.
5月28日，YTL Power在一份交易文件中表示，其間接持有的70%子公司SIPP Power Sdn Bhd將以每股99.5仙的價格進行Ranhill Utilities股份的企業交易。
It said SIPP Power had entered into an unconditional share purchase agreement with Hamdan, Hamdan Inc (Labuan) Pte Ltd and Hamdan (L) Foundation for the acquisition of 405.18 million existing ordinary shares in Ranhill Utilities representing a 31.42% equity interest in Ranhill Utilities, together with 2.03 million Ranhill Utilities shares to be issued pursuant to the share dividend, for total cash consideration of RM405.18 million. Hamdan is the sole beneficiary of Hamdan Foundation, which was a major shareholder of Ranhill Utilities.
該公司表示，SIPP Power已與Hamdan、Hamdan Inc (Labuan) Pte Ltd和哈姆丹公益基金會簽訂了無條件股份購買協議，以收購Ranhill Utilities的現有4.0518億股普通股，佔Ranhill Utilities的31.42%股權，以及2,030萬Ranhill Utilities股份，以期出售，總現金價格爲4.0518億令吉。哈姆丹是哈姆丹基金會的唯一受益人，後者是Ranhill Utilities的主要股東之一。
The acquisition bumps up YTL Power's holding in Ranhill Utilities to 53.19% from 21.77%, obliging it to extend the mandatory takeover offer (MTO) to acquire all the remaining Ranhill Utilities shares it did not already own. YTL Power said it intended to maintain the listing status of Ranhill Utilities.
這一收購使YTL Power公司在Ranhill Utilities的持股比例從21.77%增至53.19%，該公司有義務延長強制收購要約，以購買其未擁有的所有Ranhill Utilities股份，並表示其打算維持Ranhill Utilities的上市地位。
Analyst Reaction
分析師反應
On the while, the equity analysts have been positive with the move, seeing it as benefitting YTL Power.
總的來說，股票分析師對此舉措持積極態度，認爲這將對YTL Power公司有益。
In its report, MIDF Amanah Investment Bank Bhd (MIDF Research) noted that the entry of a "strong controlling shareholder" in YTL Power which operates in similar business segments as Ranhill Utilities was positive and allowed Ranhill Utilities to tap its expertise in the water sector given the former's strong track record in operating Wessex Water Ltd in the UK.
在其報告中，大馬亞曼納投資銀行Bhd（亞曼納研究）指出，一個“強有力的控股股東”進入YTL Power公司，該股東在水務領域擁有強大的運營經驗，爲Ranhill Utilities提供了發揮其在英國維斯克斯水務有關業務的專業知識的機會。
"We believe Ranhill Utilities is a strategic fit for YTL Power as both are operating in similar businesses in water and power, albeit with differing scale and geographical presence," the research house said.
研究公司表示:“我們認爲，Ranhill Utilities對YTL Power來說是一個戰略性的配合，因爲兩者都在水和電力等類似業務中經營，儘管規模和地理位置不同。”它還指出，Ranhill Utilities將使YTL Power公司獲得獨家的柔佛州水務業務，使其能夠從柔佛-新加坡特別經濟區的前景和柔佛數據中心樞紐的潛在需求中獲益。此外，它還表示，兩者在水務運營方面的協同效應可以進一步推動Ranhill Utilities柔佛水務業務的效率。
It noted that Ranhill Utilities would give YTL Power access to exclusive Johor water operations allowing it to capitalise on prospects from the Johor-Singapore Special Economic Zone and potential demand from Johor's data centre hubs. Additionally, it said the synergistic expertise in water operations could drive further efficiency of Ranhill Utilities' Johor water business.
報告指出，本次交易還使YTL Power公司獲得了進入沙巴電力市場的機會，Ranhill Utilities控制着最大的獨立發電商（IPP）份額，在一個2026年開始商業運營的新100兆瓦（MW）聯合循環燃氣輪機的進一步鞏固下得以實現。此外，Ranhill Utilities還在可再生能源方面取得進展，於2024年2月投運了其大型太陽能（LSS4）發電廠。
It noted that the deal also gave YTL Power access to the Sabah electricity market whereby Ranhill Utilities controls the largest independent power producer (IPP) share, solidified further by a new 100 megawatts (MW) combined-cycle gas turbine due for commercial operation date in 2026. In addition, Ranhill Utilities has been making headways into renewable energy (RE) with the commissioning of its large-scale solar (LSS4) plant in February 2024.
亞曼納研究表示:“總的來說，我們認爲這次收購對YTL Power是一箇中長期的積極因素。”它維持其對該公司的“買入”評級，52周目標價爲6.35令吉。
"Overall, we see this acquisition as a mid-to-long-term positive for YTL Power," MIDF Research said, maintaining its 'Buy' call on the counter with a 52-week target price (TP) of RM6.35.
根據彭博公司跟蹤的股票分析師的數據，YTL Power公司有10個“買入”和3個“持有”評級，沒有“賣出”評級，共識目標價爲6.21令吉。
YTL Power has 10 'Buy' and three 'Hold' calls on its counter, with no 'Sell' call among equity analysts tracked by Bloomberg, with a consensus TP of RM6.21.
YTL Power公司起源於馬來西亞的第一家IPP，擁有位於登嘉樓州的兩座發電站和柔佛州的Pasir Gudang發電站，並向國際公用事業行業擴展。
YTL Power built on its origins as Malaysia's first IPP with its two power stations in Paka, Terengganu, and Pasir Gudang, Johor, diversifying into the international utilities industry.
該公司隨後於2002年收購了英國的水務和污水處理運營商Wessex Water，於2009年收購了擁有3,100MW許可發電能力和商業多功能公用事業的YTL PowerSeraya Pte Ltd，後者位於新加坡，並持有位於印度尼西亞的1,220MW發電站的PT Jawa Power 20%的有效股權，以及Attarat Power Co的45%股份，該公司是一家擁有約554MW油頁岩火力發電項目的所有者。
It then acquired Wessex Water, a water and sewerage operator in the UK in 2002 and YTL PowerSeraya Pte Ltd, which has a licensed generation capacity of 3,100MW and merchant multi-utilities businesses in Singapore, in 2009. It also owns a 20% effective interest in PT Jawa Power, which owns a 1,220MW power station in Indonesia and a 45% stake in Attarat Power Co, the owner of a 554MW oil shale-fired power project in Jordan.
另一份報告中，香港零售投資銀行股份有限公司(HLIB Research)也表示，它對此次收購持“總體積極”的態度，認爲它將使YTL Power公司在戰略上鞏固Ranhill Utilities的運營（水和大型太陽能(LSS)），從而補充了該集團的現有業務組合，並得出了潛在的協同效應。
In another report, Hong Leong Investment Bank Bhd (HLIB Research) also said that it was "overall positive" on the acquisition which would allow YTL Power to strategically consolidate Ranhill Utilities' operations (water and LSS) which complements the group's exist- ing business portfolio and derive potential synergies.
它補充道，此次交易還將使YTL Power公司進入柔佛州的水務公用事業和LSS市場，從而補充其通過YTL Data Centre Holdings Pte Ltd和YesCom-AI Data Centre進軍數據中心領域的戰略增長計劃。
It added that the deal would also enable YTL Power to foray into the water utility business in Johor and LSS, complementing its strategic growth venture into data centre through YTL Data Centre Holdings Pte Ltd and YesCom-AI Data Centre.
“此外，我們認爲，將Ranhill Utilities整合到YTL Power公司的多元化業務組合中，並利用YTL Power公司在英國維斯克斯水務方面的專業知識，有望實現潛在的協同效應。在LSS4項目下，Ranhill Utilities還最近實現了其50MW LSS的商業化，並獲得了25年的電力購售協議。”HLIB研究說。
"Moreover, we expect potential synergistic benefits to integrate Ranhill Utilities into YTL Power's diversified portfolio of businesses while also leveraging YTL Power's UK Wessex Water expertise. Ranhill Utilities has also recently achieved commercialisation of its 50MW LSS under LSS4 programme with 25 years power purchase agreement," HLIB Research said.
它的目標價爲7.45令吉，維持“買入”評級。
It has a 'Buy' call with an unchanged TP of RM7.45.
RHB Investment Bank Bhd (RHB Research), which has a 'Buy' call with a TP of RM6.68, said it believed the stake increase in Ranhill Utilities was a strategic move for YTL Power to complement its portfolio while strengthening its footprint in Johor given its ambitious data centre
RHB投資銀行Sdn Bhd（RHB研究）給予RM6.68的買入建議，並表示，他們認爲YTL Power增持Ranhill Utilities是一個戰略性舉措，有助於補充其組合，並在強化其在柔佛州的立足點，鑑於其雄心勃勃的數據中心開發。
development. It said that while it expected muted near-term impact, it saw potential synergies in the longer run.
該機構表示，雖然它預計中期影響不大，但從長遠來看，可能產生協同效應。
"We believe it could be a strategic fit for YTL Power given its experience in both water treatment and power generation. This will further strengthen its footprint in Johor, where the company is also developing data centres and solar parks. As such, we expect synergies in the long run despite near-term earnings impact being rather insignificant given Ranhill Utilities is estimated to generate a net profit of RM47-RM55 million in financial year 2024 (FY24F) to FY26F," HLIB Research said.
"我們認爲這可能是YTL Power的一種戰略匹配, 鑑於其在水處理和發電方面的經驗。這將進一步鞏固其在柔佛南部的立足點，即使Ranhill Utilities在2024財年至2026財年（FY24F）被估計產生淨利潤RM47- RM55百萬，當前業績可能沒有多大影響，但我們預計長期上是會有協同效應的。"HLIB Research說。
Moving forward, it believed that PowerSeraya's earnings moderation would be largely anchored by Wessex Water's earnings recovery.
該機構認爲，PowerSeraya的收益增長將大多受制於Wessex Water的收益恢復。
Hamdan Making Exit
哈姆丹離職
The move would see Hamdan cashing out from Ranhill Utilities. He started his career as a structural engineer at the engineering consulting firm of Rankine & Hill Pty Ltd in Perth, Western Australia, and subsequently at Ranhill Bersekutu Sdn Bhd (RBSB) in 1981.
這一舉措將會看到哈姆丹從Ranhill Utilities退出。他從澳洲珀斯的工程諮詢公司Rankine＆Hill Pty Ltd開始擔任結構工程師，並於1981年進入Ranhill Bersekutu私人有限公司（RBSB）。
After a sabbatical leave in 1985 to pursue his Master's degree, Hamdan returned to Malaysia and was appointed as director of RBSB in 1988 and eventually became president/CEO of RBSB in 1995.
1985年休假一段時間後，哈姆丹回到馬來西亞，於1988年被任命爲RBSB的董事，最終成爲1995年的總裁/首席執行官。
In November 2000, he became ED and president/CEO of Ranhill Bhd where he spearheaded the group's expansion from an engineering and consulting-based firm to a full-fledged organisation that engineers, constructs, owns and operates facilities in diverse segments including the infrastructure, environment, power, and oil and gas segments. — TMR
2000年11月，他成爲Ranhill Bhd的執行總裁兼總裁，帶領該集團從工程諮詢公司擴展到一個工程、建設、擁有和經營設施的綜合性組織。該組織涵蓋不同領域，包括基礎設施，環境，電力和石油天然氣領域。— TMR
譯文內容由第三人軟體翻譯。