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Wednesday August 29, 2012
Wah Seong completes buy
PETALING JAYA: Pipe-coating specialist Wah Seong Corp Bhd has completed the acquisition of 57.7 million shares in Petra Energy Bhd at RM1.68 per share.
Stock market data showed the shares, representing a 26.9% stake, were transacted in several off-market deals yesterday.
At RM1.68, this was 23 sen below Monday’s closing price of RM1.91.
To recap, the Petra Perdana block of shares was divested by Perdana Petroleum Bhd due to its inability to control much of the business direction in the latter.
Petra Perdana in April appointed CIMB Investment Bank Bhd to undertake a restricted tender process for the divestment of its entire block of shares in Petra Energy.
Wah Seong is the second-largest shareholder in the integrated oil and gas (O&G) brown field services provider with the finalisation of the deal.
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