Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Dec 21): Sumatec Resources Bhd's largest shareholder Tan Sri Halim Saad has been seen paring down his stake in the Practice Note 17 (PN17) oil and gas company.

Halim, who has been disposing of his shares over the past four months, sold 54.39 million shares today via the open market according to a Bursa Malaysia filing. As of today he now holds a 9.28% stake in the company.

In just December alone he has so far disposed of 1.3%. In January this year he held 12.7%, and the last time he disposed of his shares before then was in April 2017.

In June 2018, Halim, who is the group's executive vice chairman, told reporters that the group is confident that it will be declassified as a PN17 company by 2019, as it plans to submit its regularisation plan to Bursa soon.

Halim had said the regularisation plan includes a scheme to pay off its RM230 million legacy debt to its creditors, as well as future business operations that will keep the company in the black for the next two financial quarters after the approval of the plan.

For the recent third financial quarter ended Sept 30, 2018, the group posted a net loss of RM1.12 million versus a net profit of RM4.96 million in the previous year, which was attributed to the zero revenue recorded for the quarter.

The penny stock counter, which has taken a beating over the past year with volatile crude oil prices, has dropped 70% year to date. It is currently trading up 0.5 sen or 50% to 1.5 sen, for a market value of RM63.79 million.

      Print
      Text Size
      Share