Thursday 28 Mar 2024
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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.

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