EPF trims Bumi Armada stake to 8.51%

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KUALA LUMPUR (Dec 2): The Employees Provident Fund has trimmed its equity stake in Bumi Armada Bhd to 8.51%, the latter's filing with Bursa Malaysia disclosed today.
 
The retirement fund had, on November 27, disposed some 1.7 million shares that represented a 0.03% stake in the offshore oilfield service provider and floating production storage and offloading player.
 
Today, Bloomberg reported that the Malaysian oil and gas services provider climbed from a record low after saying that the oil rout and the cut in spending by state-owned energy company Petroliam Nasional Bhd (Petronas) will have “minimal” impact on earnings.
 
Bumi Armada sank the most on record yesterday after oil slid to a five-year low and an announced spending cut of as much as 20 percent by Petronas dented investor confidence.
 
Bumi Armada closed up 4 sen or 4% today at RM1.05, giving it a market capitalisation of RM5.98 billion.