My sincere apologies for this late posting as I have been extremely busy lately both with work and personal matters.
Malaysia Smelting Corporation Berhad ("SMC" or "Company") is offering 25m shares at S$1.75 per share and each board is 100 shares. SMC is one of the world's leading integrated producer of refined tin metal and is a subsidiary of The Straits Trading Company listed on the SGX. SMC is already listed in Bursa Malaysia since 1994 and has a market cap of about RM360m.
This is once again a dual-listing project, similar to Sri Trang from Thailand.
For the 9 months 2010, the company made an impairment on the non-tin assets and suffered a net loss of RM72.4m. The financial performance has been rather erratic with FY2007 net profit at Rm75.8m only to suffer a loss of RM43.8m in FY2008 and to recover to RM65.4m in FY2009 and FY2010 is likely to suffer a loss. Maybe i should say that the results are rather consistent - one good year followed by a bad year and then good year again. :P
I will give this company's IPO a miss.