KUALA LUMPUR (Dec 19): Perdana Petroleum Bhd fell as much as 30 sen to hit limit down today as analysts and investors evaluated the oil and gas support service provider's outlook after stock trading resumed yesterday. This followed a more than two-year share trade suspension.

At 5pm today, Perdana Petroleum shares settled at its intraday low at 36 sen with some 38 million units traded. Perdana Petroleum was Bursa Malaysia's 10th most-active stock and second-largest decliner.

Yesterday, Perdana Petroleum shares closed at 66 sen compared to its pre-suspension price of RM1.54.

Perdana Petroleum's share trade resumed yesterday after the company announced that its public shareholding spread had been regularised to 20.016%. This followed the completion of Perdana Petroleum share distribution by Dayang Enterprise Holdings Bhd.

Perdana Petroleum's share trade was suspended since Sept 30, 2015 after the company's public shareholding spread was reduced to less than 10% upon completion of the mandatory general offer by Dayang. Today, Dayang owns a 60.48% stake in Perdana Petroleum after the Perdana Petroleum share distribution to Dayang shareholders.

Yesterday, Kenanga Investment Bank Bhd analyst Sean Lim Ooi Leong wrote in a note on Perdana Petroleum: "We expect the share price (of Perdana Petroleum) to be traded at much lower range from its last traded price of RM1.54 before its suspension after book value declined by 20% with accumulated RM160 million losses in past two years."

"As part of our Dayang's SOP (sum-of-parts) valuation, we are valuing Perdana at RM0.25/share pegged to 0.4x FY18 PBV (price-book value) which implies 84% and 65% downside to its last traded price of RM1.54 and its 3Q17 BV (book value)/share," Lim said.