EPF continues buying spree for SapuraKencana shares

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KUALA LUMPUR (Dec 11):  The Employees Provident Fund (EPF) has continued its shopping spree for shares in the upstream oil and gas (O&G) player, SapuraKencana Petroleum Bhd (SapuraKencana) with a purchase of 6.26 million shares in the latter.

This brings the provident fund’s shareholding in SapuraKencana to 13.48% as at Dec 8, 2014, the date of the acquisition.

EPF has been on a buying spree for SapuraKencana shares after several positive news flow from the oil and gas group recently.

On Monday, SapuraKencana revealed improved financial performance for the third quarter ended Oct 31, 2014 (3Q15). It recorded nearly 42% jumped in net profits to RM348.4 million while its revenue grew 1.2% to RM2.41 billion year-on-year.

Prior to that on Dec 5, 2014, the company announced that it has been awarded contracts with a combined value of approximately RM1.58 billion.

SapuraKencana closed at RM2.37 today, down half a sen. This gives it a market share of RM14.2 billion. The stock has been on a decline from the start of the year, shedding 51.5% year-to-date.