Controling shareholder up stake in Barakah Offshore

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KUALA LUMPUR (Nov 19): Barakah Offshore Petroleum Bhd’s founder, Nik Hamdan Bin Daud has acquired 24.8 million shares, or 3.44% equity stake, in the oil and gas services provider in the last two days.

Filings with Bursa Malaysia today showed that Nik Hamdan bought 9.3 million shares, through United Power Group Holdings Ltd (UPGHL), and 15.5 million shares directly yesterday.

After the transactions, he currently holds a 47.78% direct stake in Barakah, with an indirect interest of 3.28% via UPGHL.

A separate filing showed that he also acquired 2.73 million Barakah redeemable convertible unsecured loan stocks (RCULS) yesterday.

Barakah share price closed seven sen or 5.3% higher at RM1.39, giving it a market capitalization of RM1 billion.