Friday June 22, 2012
Wah Seong subsidiary gets to buy 26.9% stake in Petra Energy
The group announced through Bursa Malaysia that “its wholly-owned subsidiary, namely Wasco Energy Ltd, has been notified by Perdana Petroleum Bhd of Wasco's successful bid for approximately 26.9% equity interest in Petra Energy”.
Wah Seong added that it would make the necessary announcement once the definitive agreement of the sale shares was executed between both parties.
Petra Energy's largest shareholder Perdana Petroleum Bhd filed with Bursa Malaysia that it had “evaluated the offers received from the various bidders following the close of submission for the final binding bids (and) in this regard, has selected Wasco as the successful bidder for the sale shares”.
At RM1.70 per share, the deal would be valued at RM98.09mil. However, based on yesterday's closing price of RM1.47, the stake could be worth RM84.82mil.
Word has been that Wah Seong's stake acquisition would make it a strong contender for projects and exploration rights in the oil and gas sector in the future, as Petra Energy has links with several influential business personalities.
Petra Energy's main shareholder is notable Sarawakian businessman Datuk Bustari Yusof who has 27.3% interest, while the younger brother of Prime Minister Datuk Seri Najib Tun Razak, Datuk Mohamed Nizam Abdul Razak, owns roughly 10% stake. Nizam also has equity interest in Wah Seong and some of its units.
In April, Perdana Petroleum Bhd appointed CIMB Investment Bank Bhd to undertake a restricted tender process for the proposed divestment of the its entire stake last Friday.
Petra Energy shares closed 3 sen higher yesterday at RM1.47 while Wah Seong was unchanged at RM1.85.