OSK Investment remains upbeat on Perwaja despite downgrade

Transformation efforts by Perwaja Holding kept OSK Investment Bank upbeat despite downgrade by Malaysian Rating Corp.

OSK said equity investors should focus on the ongoing transformation efforts implemented by the management, noting that Perwaja's new iron pelletizing plant was expected to boost the profitability of its direct reduction plant.

"The commissioning of the new plant this year is likely to translate into significant cost saving of up to US$50 a tonne for its upstream material," it said.

OSK said the news of the award of the mining concession in Bukit Besi in Terengganu was also expected to help the company.

It said the company's impending corporate proposal to raise cash via the issuance ofRedeemable Convertible Unsecured Loan Stocks, which came with free detachable warrants on the basis of 1-for-2, would reward minority shareholders.

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