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Hot Stock SapuraKencana gains 4%, private placement completed
by hlk Mon 29 Apr 2013, 11:35
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 29 April 2013 11:08
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KUALA LUMPUR (April 29): SapuraKENCANA PETROLEUM BHD []
rose as much as 4% after the oil and gas support -services provider
completed its private placement which raised more than RM1 billion.
At 10.56am, SapuraKencana, the second most-active stock, was traded
at RM3.09 with some eight million shares done. The firm which was also
the eighth-largest gainer had earlier risen as much as 12 sen to
RM3.14.
Well-connected SapuraKencana had on last Friday (April 26) listed 587
million new shares which were placed out to investors at RM2.80 each.
The exercise had raised proceedsof RM1.64 billion to part finance
SapuraKencana's planned acquisition of the entire stake in Seadrill
Tender Rig Ltd and 94% of PT Nordrill Indonesia.
In a note, RHB Research Institute Sdn Bhd said the research firm had
earlier anticipated that the private placement would be approved by
shareholders.
RHB said it has factored in SapuraKencana's expanded share base into
its earnings estimate for the latter.
"We remain positive on the earnings outlook for the company and retain
our buy recommendation on the stock," said RHB which has a fair value
of RM3.96 for SapuraKencana.
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 29 April 2013 11:08
A + / A - / Reset
KUALA LUMPUR (April 29): SapuraKENCANA PETROLEUM BHD []
rose as much as 4% after the oil and gas support -services provider
completed its private placement which raised more than RM1 billion.
At 10.56am, SapuraKencana, the second most-active stock, was traded
at RM3.09 with some eight million shares done. The firm which was also
the eighth-largest gainer had earlier risen as much as 12 sen to
RM3.14.
Well-connected SapuraKencana had on last Friday (April 26) listed 587
million new shares which were placed out to investors at RM2.80 each.
The exercise had raised proceedsof RM1.64 billion to part finance
SapuraKencana's planned acquisition of the entire stake in Seadrill
Tender Rig Ltd and 94% of PT Nordrill Indonesia.
In a note, RHB Research Institute Sdn Bhd said the research firm had
earlier anticipated that the private placement would be approved by
shareholders.
RHB said it has factored in SapuraKencana's expanded share base into
its earnings estimate for the latter.
"We remain positive on the earnings outlook for the company and retain
our buy recommendation on the stock," said RHB which has a fair value
of RM3.96 for SapuraKencana.
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