Shell Refining suspends share trade
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Shell Refining suspends share trade
Shell Refining suspends share trade
By Sangeetha Amarthalingam / theedgemarkets.com | February 2, 2016 : 11:25 AM MYTKUALA LUMPUR (Feb 2): Shell Refining Co (Federation of Malaya) Bhd suspended trading of its shares between 9am and 5pm today pending an announcement, according to its statement to Bursa Malaysia.
Shell Refining shares were last traded higher at RM4.94 last Friday for a market capitalisation of RM1.48 billion.
Today, Shell Refining's share trade suspension followed the global group Shell's statement from London yesterday.
Yesterday, Shell said it signed a conditional agreement with Malaysia Hengyuan International Ltd (MHIL) to sell Shell's 51% stake in Shell Refining for US$66.3 million (RM277.3 million).
"It is MHIL's intention for SRC (Shell Refining) to invest in the upgrades needed to meet the Euro 4M and Euro 5 requirements. The transaction is expected to be complete in 2016, subject to obtaining regulatory approval," Shell said.
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