Trading of Kencana, SapuraCrest to be suspended May 2

KUALA LUMPUR: Trading in the shares of Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd will be suspended with effect from May 2.

The companies said on Monday the last day of trading of the shares would be on April 30.

They said the shares would no longer be traded on the Main Market of Bursa Securities following the suspension until the de-listing from the Official List of Bursa Securities.

As for Kencana, the capital repayment exercise would be to return the merger consideration of RM5.98bil comprising 2.505bil new ordinary shares of RM1 each in SapuraKencana Petroleum Bhd (SKP) at an issue price of RM2 per SKPB Share and cash payment of RM968.68mil of which is equivalent to RM3 per Kencana Petroleum share to the entitled shareholders.

As for SapuraCrest Petroleum, under the capital Reduction and repayment, shareholders of SapuraCrest will receive RM4.60 (comprising new ordinary shares of RM1 each in SKB and cash per SapuraCrest share held in consideration for the cancellation of every one SapuraCrest Share held before the bonus issue.

The ex-date will be on May 4 and the entitlement date May 8.