http://www.bursamalaysia.com/market/listed-companies/company-announcements/1830237

Reference is made to the announcement on 10 December 2013 in relation to the entering into the Gas Development & Production Agreement (“GDPA”) between the Company and Markmore Energy (Labuan) Limited (“MELL”) for the development of gas resources at the Rakushechnoye oil and gas field in in the Karakiyan District of the Mangistau Oblast, Kazakhstan.

The Company is pleased to announce that it had on 18 December 2014 signed a Deed of Novation (Gas Development and Production Agreement) with MELL and the wholly-owned subsidiary of the Company, Sumatec Corporation Sdn Bhd (“SCSB”), whereby all parties agreed for the Company to novate all its rights, title, benefits, interests, obligations and liabilities under the GDPA to SCSB (“the Novation”). All the terms and conditions as stipulated in the GDPA shall remain unchanged.

The Novation is carried out as part of Sumatec’s streamlining of business activities to improve operational efficiency.

This announcement is dated 18 December 2014.

Date Subject
18/12/2014 [SCH] - Changes in Sub. S-hldr's Int. (29B) - YEEN YOON HIN
18/12/2014 [SCH] - Changes in Director's Interest (S135) - YEEN YOON HIN
18/12/2014 [SCH] - Changes in Director's Interest (S135) - LAU MONG LING
18/12/2014 [SCH] - Changes in Director's Interest (S135) - CHAN WAN CHOON
18/12/2014 [SCH] - Changes in Director's Interest (S135) - WONG SIN CHIN
18/12/2014 [SCH] - Changes in Director's Interest (S135) - YEEN YOON HIN (Amended Announcement)
18/12/2014 [SCH] - Changes in Sub. S-hldr's Int. (29B) - YEEN YOON HIN (Amended Announcement)
18/12/2014 [SCH] - Changes in Sub. S-hldr's Int. (29B) - LAU MONG LING

There were cheers – and impetus – from across the Pacific, where the S&P 500 had its best day since October 2013 after the Federal Reserve gave an optimistic take on the US economy and said it would be patient in raising interest rates.

Dow & S&P was an explosion so it cannot be short lived, possible next 2days green!

http://www.cnbc.com/id/102277642

http://www.marketwatch.com/story/oil-prices-skid-ahead-of-fed-outcome-2014-12-17

Cnn news oil is bottoming already.

Obama normalise relations with Cuba n also want to remove sanctions against Russia to save d rubble.Positive sign for world economy.

Material litigation case in Feb.

First Bursa approval next EGM to effect RI so d earliest effective period shall be end of Jan. 21days notice must be given for EGM.

9 more days left b4 2015 so @ 2ct/day...Suma may hit 38-40....ha ha

Bank Negara is funding 1MD......crazy ppl

Mazroui said it was everyone's responsibility to correct the market, repeating a message from several OPEC ministers that they wanted Russia to join production cuts.

The stakes were all the greater as the US Federal Reserve's last policy meeting of the year could well see it drop a commitment to keeping rates low for a "considerable period", it reported.

"It's a serious economic situation that is largely of their own making (Rusia) and largely reflects the consequences of not following a set of international rules," Furman said.

WASHINGTON: Russia's rouble crisis has put Moscow's economic policy "between a rock and a hard place," but the impact on the United States should be limited, President Barack Obama's top economist told reporters on Tuesday......@Ring looks like US have crushed Russia...calculated risk.

Quit if you love the party, Umno man tells Najib
The voices of discontent among the Umno grassroots continue to grow louder with a party branch leader demanding Najib Abdul Razak quit before the next general election.

Suma up 19cts now positive sign

Besides Saudi, oil price also being controlled by currency traders n just matter of time to bounce...looks like more buyers then sellers.

Posted on 18 July 2014 - 05:38am
Eva Yeong
sunbiz@thesundaily.com
Print
KUALA LUMPUR: Sumatec Resources Bhd plans to undertake a rights issue to partly fund the proposed acquisition of Borneo Energy Oil and Gas Ltd, which it aims to complete this year, said its CEO Chris Dalton.

He said the deal is currently valued at US$250 million, which will be funded via a combination of cash and shares. The proposed acquisition, which was announced last Friday, will see Sumatec taking 100% ownership of Borneo Energy, which had in turn bought two oil and gas assets from Buzachi Neft LLP.

Buzachi Neft LLP has two 25-year subsoil use contracts (namely Karaturun More and Karaturun Severo Vostochunyi in Kazakhstan) that are valid till November 2026 and a quarry that will last till Jan 31, 2030.....@Rajoo old news..d deal is suppose to be completed by yr end but until now no news from on d approval OR probably approved but crude down n probably waiting for appropriate time.Y'day up surprises everybody n CFO also bot 500k uts @ 22cts all this puzzles d mind.

@agre tks I got d message.

I strongly feel d report is wrong lets wait for some expert to come on line.

Please open d web....n read d full news it cannot be wrong?

Noraini, please u wanted here, now, please explain on d BE acquisition..tks.

http://www.sumatec.com
Sumatec Resources Berhad is a Malaysia-based investment holding company. The Company operates in two segments: engineering and construction and others. Engineering and construction segment includes engineering, procurement, construction and commissioning. The Company's subsidiary Semua International Sdn. Bhd. is engaged in the business of shipping and the provision of related services, and renting of industrial building. The Company's subsidiaries, including Sumatec Corporation Sdn. Bhd. and Sumatec Engineering & Construction Sdn. Bhd., are engaged engineering and contracting. Effective September 08, 2014, Sumatec Resources Bhd acquired the entire share capital of Borneo Energy Oil and Gas Ltd.

X
Ring http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=SUMATEC:KLS
16/12/2014 16:40

The CEO is undoubtedly the most important person in a company. But it’s absurd to pay the CEO a thousand times more than the worker, especially when the company is doing poorly and the shareholders are losing.

So a lot of these CEOs are not only ineffective but are paid too much?

There are very good CEOs and very good boards, but the system itself is dysfunctional. It’s all camouflaged today because the economy’s good, interest rates are low and the market is high. So shareholders aren’t really upset by it.

It’s called a democracy, but it’s a misnomer. It’s more of a totalitarian state, a dictatorship or at the very least a monarchy. That’s what you really have.

The CEO is undoubtedly the most important person in a company. But it’s absurd to pay the CEO a thousand times more than the worker, especially when the company is doing poorly and the shareholders are losing.

So a lot of these CEOs are not only ineffective but are paid too much?

There are very good CEOs and very good boards, but the system itself is dysfunctional. It’s all camouflaged today because the economy’s good, interest rates are low and the market is high. So shareholders aren’t really upset by it.

It’s called a democracy, but it’s a misnomer. It’s more of a totalitarian state, a dictatorship or at the very least a monarchy. That’s what you really have.

Borneo energy suppose to be acquired by RI but d report says deal already done...but Bursa not approved yet n EGM....I am confused....any expert!

What is this no RI but BE acquired...any expert please comment!

http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=SUMATEC:KLS

http://www.bloomberg.com/quote/SMTC:MK

I am trying to get d latest inputs for d good of us.

I am buying n selling.

Ya! can be anything...oil price keep dropping but Suma going up n CFO bought @ 21 giving a green signal but we sitting on HOT PLATE......!!!!!!!

I think being defended but can it be sustained??????

Money is involved so please be practical.Those who can withstand until d next Opec meeting on 5/6 please be cautious.

Foreigners have sold RM11bil worth of Malaysian stocks in the third quarter while year-to-date, net outflow reached RM17.5bil, according to information by AllianceDBS Research.“Indeed the spectre of the dreaded twin deficit is looming larger with every tick lower in oil.” RHB Research said in a market strategy report yesterday.Apart from lower oil-related revenues, other implications included a weakening ringgit, reduced oil and gas (O&G) investments and weaker earnings for companies in the O&G sector as well as a risk of a sharper-than-expected slowdown in the economy, the research house pointed out.Notably, despite the recent selldown, Malaysian equities are not particularly attractive, trading at about 16 times price to earnings (P/E). “This is because their 2015 forecast earnings growth of 7.8% is the lowest in South-East Asia but stocks are trading at 1.1 times premium (P/E) to the region,” AllianceDBS pointed out. For those who take a longer-view, as global demand conditions improve, oil prices are expected to find a floor by the first quarter of next year and start to rebound from then on, RHB opined.“Market valuations will likely improve as corporate earnings recover and stabilisation of oil prices will in turn, (cause) investors to return to this unloved and under-owned market.

Foreigners have sold RM11bil worth of Malaysian stocks in the third quarter while year-to-date, net outflow reached RM17.5bil, according to information by AllianceDBS Research.“Indeed the spectre of the dreaded twin deficit is looming larger with every tick lower in oil.” RHB Research said in a market strategy report yesterday.Apart from lower oil-related revenues, other implications included a weakening ringgit, reduced oil and gas (O&G) investments and weaker earnings for companies in the O&G sector as well as a risk of a sharper-than-expected slowdown in the economy, the research house pointed out.Notably, despite the recent selldown, Malaysian equities are not particularly attractive, trading at about 16 times price to earnings (P/E). “This is because their 2015 forecast earnings growth of 7.8% is the lowest in South-East Asia but stocks are trading at 1.1 times premium (P/E) to the region,” AllianceDBS pointed out. For those who take a longer-view, as global demand conditions improve, oil prices are expected to find a floor by the first quarter of next year and start to rebound from then on, RHB opined.“Market valuations will likely improve as corporate earnings recover and stabilisation of oil prices will in turn, (cause) investors to return to this unloved and under-owned market.

Foreigners have sold RM11bil worth of Malaysian stocks in the third quarter while year-to-date, net outflow reached RM17.5bil, according to information by AllianceDBS Research.“Indeed the spectre of the dreaded twin deficit is looming larger with every tick lower in oil.” RHB Research said in a market strategy report yesterday.Apart from lower oil-related revenues, other implications included a weakening ringgit, reduced oil and gas (O&G) investments and weaker earnings for companies in the O&G sector as well as a risk of a sharper-than-expected slowdown in the economy, the research house pointed out.Notably, despite the recent selldown, Malaysian equities are not particularly attractive, trading at about 16 times price to earnings (P/E). “This is because their 2015 forecast earnings growth of 7.8% is the lowest in South-East Asia but stocks are trading at 1.1 times premium (P/E) to the region,” AllianceDBS pointed out. For those who take a longer-view, as global demand conditions improve, oil prices are expected to find a floor by the first quarter of next year and start to rebound from then on, RHB opined.“Market valuations will likely improve as corporate earnings recover and stabilisation of oil prices will in turn, (cause) investors to return to this unloved and under-owned market.

Currently price is being supported n all depends on d coming 4Q.

“Foreign selling was again evident yesterday with another net outflow of RM179.2mil. The local bourse is,” it said.

“Governments realise the importance of acquiring and developing talent, but we need a good partnership and support from the industry as well,” he said, adding there that was still a majority of Malaysian employers who did not take part in such commitments.

Thiagaraja said with the agreement signed between K-Pintar and TalentCorp Malaysia to exclusively offer AHRI’s certification programme in the country, it would ensure that human capital management was accurately benchmarked against international standards. — Bernama

DUBAI: Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.

Speaking at a conference in Dubai, Abdullah al-Badri defended November’s decision by the Organization of the Petroleum Exporting Countries not to cut its output target of 30 million barrels per day (bpd) in the face of a drop in crude prices to multi-year lows.

“We agreed that it is important to continue with production (at current levels) for the … coming period. This decision was made by consensus by all ministers,” he said.

“The decision has been made. Things will be left as is.”

OPEC policy remains a crucial factor in global economic prospects after Brent crude settled at below US$62 a barrel on Friday, following a steep descent which hammered energy stocks and currencies exposed to crude exports.

Audited accounts on or about d 27/2.

I personally feel from d above extract if d oil drops all is not lost merging may be d solution an investors may get some premium. Last night CNN news one guy was telling that he feels somebody is holding d crude price for d drastic fall!!!!!.....trade at yr own risk.

Edge extract: the economist nevertheless remains to be seen whether d potential Global M&A talks could develop to something bigger similar to d one took place in 1990s when oil price fell to USD16.50/barrel from 40.During this time BP went on a bold acquisition spree which doubled its size n made a more modest valuation of O&G providers within d industry. Therefore some small service providers will merge among themselves or with larger ones.Besides many O&G players not only abundant oil but also abundant assets.????

PN17 no lah until it defaults bank loan payment!!!!

Looks like Saudi is serious to crash Shale so until 5/June, Opec meeting price may keep dropping or US hv to cut production OR if US decides to cut to some extend currency traders r holding d price...so things r not very clear?