institutions need more shares to be accumulated. at this price, it is less attractive for retailers to let go.... they need to shake off retailers to goreng the shares.... it will not up much but will gradually hit the high 0.30.....just be patient....anything below 0.20 is handsome....drilling contracts are executed in 2H... so anticipate it at end of year.
Petronas went on to highlight a proposal to build new OSVs to the tune of RM3.4 billion, with charter rates for all vessels to reach RM3.5 million a day or a little above RM1.2 billion a year.
An industry player says there are some local OSV companies that are fronts and are actually owned by Singaporeans. “The plans sound grand, but implementation is another thing.”
He highlights that in early 2017, Velesto, which was then called UMW Oil & Gas Corp Bhd, failed to take over Icon Offshore and Orkim Sdn Bhd.
While no reason was given for the failed merger, sources say it was not clear if the merged entity would be given any exemptions by Petronas in terms of jobs.
To recap, the deal mooted was for Velesto to buy Icon for 50 sen a share, valuing the latter at RM589 million. Shareholders of Icon could also opt for new shares in Velesto, to be issued at 80 sen each. Also on the cards was for Velesto to buy a 95.5% stake in Orkim for about RM470 million in cash.
The only large-scale consolidation that has taken place is Dayang’s takeover of Perdana Petroleum in 2015.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
williamtkb
3,216 posts
Posted by williamtkb > 2020-05-18 10:47 | Report Abuse
Very soon 16.5 will gone and jump to 18cents level