KUALA LUMPUR (April 24): Daya Materials Bhd is buying only one unit of dynamic positioning class 2 (DP2) offshore subsea construction vessel from Siem Offshore Rederi AS for a revised price of US$120 million, and not two as originally intended.

In a filing with Bursa Malaysia today, Daya Materials (fundamental: 0.55; valuation: 0.9) said the decision to call off the second DP2 acquisition was in view of prevailing market conditions and oil prices.

Daya Materials had in August last year, announced it was going to buy two DP2, Siem Reap 1 and Siem Reap 2 for US$140 million each. The proposed acquisitions were subsequently approved at the group’s extraordinary general meeting on Dec 9.

Daya Materials fell half sen or 3.7% to 13 sen today, for a market value of RM214.74 million.

The group’s share prices have been trending downwards since mid-August last year, when it was trading at around 35 sen per share.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)