Friday 29 Mar 2024
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KUALA LUMPUR: Bumi Armada Bhd substantial shareholders Datuk Ahmad Fuad Md Ali and Datuk Abdul Farish Abd Rashid are buying additional shares in the company.

In a filing with Bursa Malaysia yesterday, Bumi Armada said Ahmad Fuad had acquired 1.15 million shares last Friday, and 300,000 shares on Monday. He now owns 2.05 million shares or a 0.03% direct stake in Bumi Armada.

Meanwhile, Abdul Farish had also acquired one million Bumi Armada shares last Friday, bringing his direct shareholding in the company to 0.02%.

It is worth noting that Ahmad Fuad and Abdul Farish also have 414.603 million shares or a 7.07% indirect stake in Bumi Armada, held by Ombak Damai Sdn Bhd, a private vehicle controlled by the duo.

Shares of Bumi Armada was the third most active stock on Bursa Malaysia yesterday, with more than 53.77 million shares traded. At the closing bell, the counter was up two sen or 2% to RM1.04.

Year-to-date, the stock has fallen by RM1.43 or 57.8%.

In a separate filing yesterday, Bumi Armada said it has not been able to conclude the US$1.18 billion (RM4.07 billion) charter contract with Indonesian-based Husky-CNOOC Madura Ltd (HCML) for the supply of one floating production, storage and offloading vessel by its Nov 27 deadline.

This is fourth delay in the execution of the agreement.

Bumi Armada said HCML and the consortium of Bumi Armada Offshore Holdings Ltd and its joint-venture company PT Armada Gema Nusantara have mutually agreed to extend the period for the signing of the contract to next Wednesday.

This article first appeared in The Edge Financial Daily, on December 5, 2014.

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