Sapura Energy most active in morning trade
Publish date: Mon, 12 Nov 2018, 12:03 PM
KUALA LUMPUR: Sapura Energy Bhd’s (SEB) shares emerged the most active counter on Bursa Malaysia in the morning session today, with its price rising four per cent after announcing a proposed partnership with the Austria-listed industrial company, OMV Aktiengesellschaft (OMV AG), last Friday.
At 10.13 am, Sapura’s shares rose 1.5 sen to 39 sen, with 69.70 million shares traded.
On Friday, SEB said it had proposed a strategic partnership with OMV AG via SEB Upstream Sdn Bhd (SUP), a joint venture company incorporated to hold the entire equity interest of Sapura Upstream Sdn Bhd (SUSB), through which it would raise up to US$975 million (RM4.06 billion) in proceeds.
Pursuant to the announcement, Public Investment Bank Bhd had maintained its “trading buy” rating on SEB with an unchanged target price of 81 sen.
“With this move, we can see a clearer direction for the group’s upstream business moving forward, immediately eliminating the listing option of this segment, as this is the better and quicker approach to improving its financial health.
“Moreover, this partnership enables SEB to strengthen its global presence in new markets via OMV AG’s existing global core regions in Romania and Austria,” it said in a note today.
Meanwhile, Maybank Investment Bank Bhd has maintained a “buy” call on SEB with a revised target price of 55 sen from RM1.20 previously.
The research house said despite the deal between SEB and OMV AG and improvements in operations and sentiment, SEB’s financials were only expected to recover in the financial year ended Jan 31, 2021 (FY21).
“We expect the company to remain in the red in FY19 and potentially break-even in FY20. As such, the focus should be on the turnaround in FY21,” it added.
-- BERNAMA
Labels: SAPNRG
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1 person likes this. Showing 4 of 4 comments
就算我爸做相职也没那么神能变魔术变油出来，也是就是公司烂! mozkhani卖掉，就是公司有问题epf 一直卖...从去年就一直卖...卖不完...幸好今年油价高更多股民入场epf 又接大好机会继续卖.....不然你以为油价高能赚钱的公司epf panchat sohai 去卖...就是那个大洞巨债160亿补不了...
2018-11-12 16:39
1mdb欠几百亿动用国家的钱还都还到幸苦，SAPNRG 欠160亿怎样还！老马：najib搞出来的1mdb债我是首相是我国我会还，SAPNRG搞出来的债不是我儿子的公司我就不还。1mdb关于国家该还!sapnrg只是公司就让他打包！
2018-11-12 16:39
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2018-11-12 16:39