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Hot Stock Sona share, warrant rise on Thai asset acquisition
by Cals Tue 22 Jul 2014, 01:29
Hot Stock Sona share, warrant rise on Thai asset acquisition
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com
Monday, 21 July 2014 12:07
KUALA LUMPUR (July 21): Sona Petroleum Bhd shares and warrants rose following the group's announcement it had signed the sale and purchase agreement (SPA) with UK-listed Salamander Energy Plc to acquire the latter's two oil & gas assets in Thailand.
At 11.25am, Sona shares were traded three sen or 5.6% higher at 56.5 sen. Meanwhile, the warrants rose one sen or 3.5% to 30 sen.
Sona shares and warrants were the second and fourth most-active respectively across the exchange. At 12.03pm, about 122 million and 118 million shares and warrants changed hands respectively.
Kenanga Investment Bank Bhd wrote in a note today the immediate support and resistance for Sona's share price was seen at 51 sen and 54 sen respectively.
Earlier, trading of Sona securities was suspended between 9am and 10am today for the SPA announcement.
Sona said it was buying a 40% stake in Thailand-based B8/38 and G4/50 concessions owned by Salamander for US$281.2 million (RM895.2 million).
The transaction is intended to be Sona's qualifying acquisition.
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com
Monday, 21 July 2014 12:07
KUALA LUMPUR (July 21): Sona Petroleum Bhd shares and warrants rose following the group's announcement it had signed the sale and purchase agreement (SPA) with UK-listed Salamander Energy Plc to acquire the latter's two oil & gas assets in Thailand.
At 11.25am, Sona shares were traded three sen or 5.6% higher at 56.5 sen. Meanwhile, the warrants rose one sen or 3.5% to 30 sen.
Sona shares and warrants were the second and fourth most-active respectively across the exchange. At 12.03pm, about 122 million and 118 million shares and warrants changed hands respectively.
Kenanga Investment Bank Bhd wrote in a note today the immediate support and resistance for Sona's share price was seen at 51 sen and 54 sen respectively.
Earlier, trading of Sona securities was suspended between 9am and 10am today for the SPA announcement.
Sona said it was buying a 40% stake in Thailand-based B8/38 and G4/50 concessions owned by Salamander for US$281.2 million (RM895.2 million).
The transaction is intended to be Sona's qualifying acquisition.
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