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NewsHot Stock Shell Refining falls 29.96% on stake sale
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Hot Stock Shell Refining falls 29.96% on stake sale
by Cals Thu 04 Feb 2016, 07:55
- Hot Stock
[size=28]Shell Refining falls 29.96% on stake sale
By Surin Murugiah / theedgemarkets.com | February 3, 2016 : 9:25 AM MYTKUALA LUMPUR (Feb 3): Shares of Shell Refining Co (Federation of Malaya) Bhd fell 29.96% after its major shareholder Shell Overseas Holdings Ltd said it was selling its 51% stake in the company to Malaysian Hengyuan International Ltd (MHIL) for US$66.3 million or 43 cent per share (RM274.98 million or RM1.80 per share), said it is now in the process of selecting an independent adviser to advise the non-interested directors of the company.
At 9.07am, Shell Refining lost RM1.48 to RM3.46 with 424,600 shares done.
Shell Refining chairman Datuk Iain Lo said in a statement that MHIL was selected by Shell based on its financial, technical and operational capability, one of which was that it was already producing Euro IV and V fuels in China.
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