Wah Seong planning oversea expansion
Filed Under (Business News) by Webmaster on 20-04-2009
Tagged Under : oil and gas, Wah Seong
WAH Seong Corp (5142), Malaysia’s third-biggest oil and gas services provider, plans an overseas acquisition in the second half that would increase sales by 20 per cent following a slump in asset prices.
“We are seeing valuations coming down,” deputy group managing director Giancarlo Maccagno said in an interview on April 17. “We have started some discussions with some bankers for some potential acquisitions — it has to be sizeable.”
Wah Seong, based in Kuala Lumpur, is counting on acquisitions to boost revenue to US$1 billion by 2012, up more than 50 per cent from last year. The company spent more than RM200 million (US$55 million) on purchases in 2004 and 2005.
Shares of Wah Seong, which counts Chevron Corp, BP Plc, Murphy Oil Corp and Royal Dutch Shell Plc among its customers, have surged 52 per cent this year, more than the 9.4 per cent gain in the benchmark Composite Index. Wah Seong is the fifth-best performer on the index. – Bloomberg
