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How often have there been cases this this? A privatized company returns to raise funds from the capital markets!
Nov 12, 2010
Privatised Amtek returns to the market
AMTEK Engineering is making a return to the Singapore bourse after its delisting three years ago.
Amtek, which makes precision metal, plastic and rubber components for industrial equipment and consumer products, was taken private in 2007 after it was acquired by a consortium, which included CVC Capital Partners and Standard Chartered's private equity arm.
In a prospectus lodged with the Monetary Authority of Singapore yesterday, Amtek's management said several changes have been implemented at the firm since then, making it a more diversified company with a cleaner balance sheet.
'These included expanding our capabilities to provide end-to-end solutions, increasing our focus on cross-selling to our existing clients, streamlining our organisation to offer a one-stop manufacturing solution, increasing our presence in growing Asian markets and industry sectors, optimising our manufacturing footprint and enhancing our operational and financial flexibility and discipline,' the prospectus added. These changes helped to mitigate the impact of the financial crisis on the firm's financials.
Amtek's revenue for the year ended June30 stood at US$638 million (S$822 million) - lower than its pre-crisis level of US$786 million in 2008. Its net profit this year was US$21.7 million, less than half of 2008's profit of US$46.2 million. However, it was an improvement over last year's loss of US$12.4 million.
The Straits Times understands that Amtek plans to raise between US$250 million and US$350 million from the initial public offering. The proceeds will be used to pay off existing debts and on capital expenditures, including the expansion of its Shanghai plant.
Nov 12, 2010
Privatised Amtek returns to the market
AMTEK Engineering is making a return to the Singapore bourse after its delisting three years ago.
Amtek, which makes precision metal, plastic and rubber components for industrial equipment and consumer products, was taken private in 2007 after it was acquired by a consortium, which included CVC Capital Partners and Standard Chartered's private equity arm.
In a prospectus lodged with the Monetary Authority of Singapore yesterday, Amtek's management said several changes have been implemented at the firm since then, making it a more diversified company with a cleaner balance sheet.
'These included expanding our capabilities to provide end-to-end solutions, increasing our focus on cross-selling to our existing clients, streamlining our organisation to offer a one-stop manufacturing solution, increasing our presence in growing Asian markets and industry sectors, optimising our manufacturing footprint and enhancing our operational and financial flexibility and discipline,' the prospectus added. These changes helped to mitigate the impact of the financial crisis on the firm's financials.
Amtek's revenue for the year ended June30 stood at US$638 million (S$822 million) - lower than its pre-crisis level of US$786 million in 2008. Its net profit this year was US$21.7 million, less than half of 2008's profit of US$46.2 million. However, it was an improvement over last year's loss of US$12.4 million.
The Straits Times understands that Amtek plans to raise between US$250 million and US$350 million from the initial public offering. The proceeds will be used to pay off existing debts and on capital expenditures, including the expansion of its Shanghai plant.
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