APFT plans more services
Huhhuhuhuhu...ade laa skit bangga ngan sekolah aku nie :)
Main market candidate will be offering commercial flights and MRO
KUALA LUMPUR: Flight education and training academy APFT Bhd, which plans to list on the main market of Bursa Malaysia next month, will be offering other aviation-related businesses to boost its bottomline.
Executive chairman Datuk Faruk Othman said the company will be offering commercial flight services as well as maintenance, repair and overhaul (MRO) services.
“We have applied for the MRO licence and hope to get it started by June or July this year,” he told a briefing after the company's prospectus launch yesterday.
Faruk said APFT's MRO business should contribute to the company's earnings from the second half of the year.
“We are also looking at offering other aviation-related services, such as chartered flights. We're going to work together with the Tourism Ministry. There is a lot of interest now on island hopping,” he said.
According to its prospectus, APFT's net profit for its financial year ended Dec 31, 2010 slipped 20% to RM8.86mil from RM11.01mil a year earlier. Revenue was higher at RM38.10mil from RM38.07mil previously.
APFT had signed a memorandum of understanding with an Indian party to expand its flight and education training expertise in India. “We're also looking at setting up a joint venture with a Myanmar partner and hope to finalise it in the second half of this year,” said Faruk.
APFT, which offers flight courses for commercial and private pilots, operates out of three airports in the country. The company boasts a fleet of 35 aircraft, 49 flight and ground instructors and an enrolment of more than 750 students.
APFT aims to raise RM11mil from its initial public offering (IPO), which would be utilised for working capital purposes, repayment of bank borrowings and listing expenses. Under the IPO exercise, APFT is making a public issue of 22 million new ordinary shares of 20 sen each in APFT shares at an issue price of 50 sen per share.
Of the 22 million shares, 15 million shares would be offered to the Malaysian public and seven million to eligible employees and persons that have contributed to the success of APFT and its subsidiary companies.
Bank Islam Malaysia Bhd is the principal adviser, managing underwriter, underwriter and placement agent for the IPO.
An additional 17.25 million existing shares will be offered for sale by way of placement to identified investors. APFT has set March 18 as its target listing date.
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