Hot Stock Sona actively traded after Credit Suisse upped stake
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Hot Stock Sona actively traded after Credit Suisse upped stake
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[size=28]Sona actively traded after Credit Suisse upped stake
By Yimie Yong / theedgemarkets.com | July 12, 2016 : 5:11 PM MYTKUALA LUMPUR (July 12): Shares of Sona Petroleum Bhd were actively traded today, after Credit Suisse Group AG upped its stake in the oil and gas special purpose acquisition company (SPAC).
At 4.04pm, Sona was up 0.5 sen or 1.01% at 46 sen, with 12.12 million shares traded, for a market capitalisation of RM648.93 million. It was the sixth most actively traded counter on the local bourse.
In comparison, the FBM KLCI was down 4.14 points or 0.25% at 1,649.73.
According to a filing with Bursa Malaysia yesterday (July 11), Sona said Credit Suisse Group's indirect stake in the SPAC has increased to 14.336% after Credit Suisse (Europe) Ltd and Credit Suisse Securities (USA) LLC acquired more shares via the open market.
On July 4, 455,000 shares were acquired while on July 5, some 672,600 shares were bought.
Sona, which was listed on July 30, 2013, was unable to complete the qualifying acquisition within the permitted three-year timeframe.
Its managing director Datuk Sri Hadian Hashim told reporters recently that the company is in the process of identifying liquidators so as to return to shareholders their investment. He said entitled shareholders will receive about 48 sen for every share held.
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