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SapuraKencana shares hit after Seadrill exits co
by Cals Fri 29 Apr 2016, 05:10
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[size=28]SapuraKencana shares hit after Seadrill exits co
By Chong Jin Hun / theedgemarkets.com | April 28, 2016 : 10:04 AM MYTKUALA LUMPUR (April 28): Seadrill Ltd has sold its remaining stake comprising some 490 million shares or 8.2% in SapuraKencana Petroleum Bhd for about US$195 million (about RM763 million). Seadrill said the sale proceeds would offer the seller more liquidity.
According to Bloomberg data, the 490 million shares constitute an 8.2% stake in SapuraKencana based on the company's issued base of 5.99 billion shares.
Seadrill said in a statement on its website : "Seadrill Ltd announces today (April 27) that it has sold its remaining stake of approximately 490 million shares in SapuraKencana for approximately US$195 million."
"The proceeds from the share sale will provide additional liquidity and will be used for general corporate purposes," Norway and US-listed Seadrill said.
In Malaysia today, SapuraKencana shares fell 11 sen or 6% to RM1.66 at 9:45am for a market capitalisation of RM9.94 billion.
The third most-active stock on Bursa Malaysia, which was also the seventh-largest decliner, saw some 40 million shares traded.
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