KUALA LUMPUR: Agriculture-based Felda Investment Corp Sdn Bhd has acquired a 9.73% stake in Barakah Offshore Petroleum Bhd, emerging as a major shareholder in the latter.
In a filing with Bursa Malaysia yesterday, Barakah said Felda has acquired the stake comprising 73.5 million shares last Friday, via an an off-market deal.
The transaction confirms a report yesterday by The Edge Financial Daily on Felda’s acquisition of the Barakah stake.
The Edge Financial Daily, quoting sources, reported Felda’s investment in Barakah would be a launching pad for the buyer to ride on the growth of the domestic oil and gas sector.
Shares of Barakah closed down 2.22% at RM1.32 yesterday, bringing a market capitalisation of RM997.1 million.
This article first appeared in The Edge Financial Daily, on November 25, 2014.