Mokhzani, family of late Chong sell SapuraKencana shares for RM818mil

PETALING JAYA: Datuk Mokhzani Mahathir and the family of the late Chong Hin Loon are the vendors of a block of 190.3 million shares in SapuraKencana Petroleum Bhd that crossed off market, sources said.

The buyers are said to be seven institutions made up largely of government-linked investment companies (GLICs).

Of the 190.3 million shares, Mokhzani sold 90 million while Chong’s family sold the balance 100 million. The sale was transacted at a price of RM4.30 per share, giving the entire sale a value of RM818.29mil. The price was at a small discount of 2% to yesterday’s closing price of RM4.40.

Mokhzani would have a further 714 million shares in SapuraKencana while Chong’s family would have around 10 million left, following sales of smaller blocks into the market last year.

Mokhzani had emerged with around 15% of SapuraKencana after his Kencana Petroluem Bhd merged with SapuraCrest Petroleum Bhd in 2012. Last year Mokhzani faced some controversy after his private investment vehicle Kencana Capital Sdn Bhd ended up with close to a 15% stake in another oil and gas service provider Yinson Holdings Bhd. The SapuraKencana board had subsequently ruled out any conflict of interest.

However late last year, Mokhzani relinquished his executive positions in SapuraKencana and remained only a non-executive director.

The 65-year-old Chong had passed away last October. He was a seasoned oil and gas professional, having risen from the ranks while working with oil and gas companies in Singapore. In 1982 he set up HL Engineering, which he subsequently changed to Kencana Petroleum after Mokhzani invested in the company in 2001.