TMSC refinance with 12 billion
On 21, august, suspension over a month of TMSC restricting plan abruptly stopped, replaced by a refinance proposal amounted to 12 billion, which is aimed at purchasing 10 VLCC taker, 4 LGN ships. The rest amount used in supplementing working capital , it is estimated to invest respectively 3.6 billion, 4.8 billion and 3.6 billion.
It is worth noting that , behind the huge sum refinance, the shipping industry overall supply and demand the company about to enter presently conflicts continue. As the economy continues to get worse, “by communicating with many enterprises in the same industry , we think that the shipping supply and demand in 2015 and 2016 will be further matched, but in the short run, it is hard to predict 2013 and 2014 whether will rebound positively or not. From the view of the present demand growth , the conflict of supply and demand will continue to exist. Researcher Shen zhengyuan of Cic advisory shipping industry said to the journalist.
At present, a senior manager of China COSCO revealed to the journalist that , although the comprehensive situation of 2013,2014 is predicted not to be worse than 2012, it is not realistic to recover to a good rate level.
The journalist noted that, for the above stated 12 billion refinance proposal, the big shareholder GRAND CHINA LOGISTICS didn’t engage in issuing stock. Instead , Hainan airlines logistics of the same Hainan airlines shipping department holding company engage in issuing , the amount Hainan airlines shipping subscribe to is not less than 3.6 billion .this means that after the non-public issue, Hainan airlines logistics will be the new boss of TMSC by virtue of 23.83% of its stock right, but the stock right 29.93% of former dominant stockholder GRAND CHINA LOGISTICS holds will be substantially reduced to 6.15%.
In the evening of august,21. A stock right freeze notice of TMSC revealed the reasons behind the complicated subscription, according to Tsing dao maritime court civil reference book ,267 million restricted stock GRAND CHINA LOGISTCIS holds are frozen. Its capital chain is pretty nervous. The institution has no intention in engaging in increase issuing a huge sum.
What corresponds with the awkward situation GRAND CHINA LOGISTICS stock right freeze is that its dominant stockholder Hainan airlines group capital chain is pretty nervous, acquisition report shows that 2012 hainan airlines group consolidated balance ratio has reached up to 78.79%, the corresponding net return on asset is only 2.56%. whereas Hainan airline logistics 2012 asset-liability ratio is up to 88.37%, the corresponding return on assets is only -21.55%, already negative profit before acquisition.
Speaking of recent years capital operation of Hainan airline department, a trust person said to the journalist, “ many people will privately compare Hainan airlines department with mingtian department. What’s different is , Hainan airlines department itself is equipped with industrial capital and creation ability, its affiliated industrial capital and related listed platform can be used as capital mortgage tool, revitalize the cash flow, or realize low cost finance directly through listed platform.
From the view of the half year news of TMSC, although the profit increased by 118.58% to 129 million RMB, under the background of depressed shipping industry, the net profit lose by 25.5977 million yuan. up until the end of june,2013, the company operating capital is only -28.2488 yuan, the consolidated balance ratio is up to 77.56% . moreover, the flowing rate, quick asset ratio is both 0.94, the debt paying ability is worrisome.
All the data displays that , under the circumstance of restricted financing channel, TMSC by virtue of the secondary market refinance to supplement the operating capital. To attract the strategic investors, Hainan airlines department even autonomously subscribe with a huge amount of 3.6 billion. On august, 2013. Hainan airlines group has increased capital sum of 0.9 billion to Hainan airlines. “Hainan airlines group (or its appointed enterprise) plans to continue increasing capital to Hainan airlines logistics, guarantee Hainan airlines logistics has the sufficient capital to subscribe the non-public issue of stock.” Hainan group promised on the acquisition report.
The journalist has interviewed many banks, trust people ,and got to know that ,Hainan airlines department has become the avoidance of the whole financial institution. A trust company person of Beijing pointed out that “we will never use the loan of Hainan airlines department enterprise.”
“In 12 billion, 3.6 billion of the big shareholder’s, they are able to afford , for other investment organizations, they’re still seeking, try to gain more funds.” In the afternoon of 21, August. A person of security of TMSC told the journalist.
But many people of investment organization the journalist contacted, all showed no interest in this proposal. “ this year, the primary market refinance is good enough, there are many good projects in the market. The huge amount investment risk of the depressed industry is high with little benefits.” A person of insurance information told the journalist frankly, organization investors told the journalist that compared with the finance project of the depressed industry, the IPO about to be used is undoubtedly more attractive.