KUALA LUMPUR (April 15): Investors turned bearish on Sapura Energy Bhd after second-largest shareholder Tan Sri Shahril Shamsuddin and family sold 600 million shares, or 3.76%, in the group. This is despite the group having bagged RM1.3 billion in contracts in engineering, construction and drilling
Shares in the oil and gas firm declined by 1 sen or 2.9% to 33.5 sen in early trade today, leaving the group with a market capitalisation of RM5.35 billion.
The stock was the third most actively traded counter on Bursa Malaysia with some 55.04 million shares changing hands.
Sapura Technology Sdn Bhd, the investment vehicle of the Shamsuddin family, sold 360 million shares last Tuesday and an additional 240 million shares the following day, the group announced to Bursa last week.
This follows a RM4 billion cash call, which saw its rights issue that closed on Jan 16 being undersubscribed. The subscription rate was 81.5%.
On Friday, Sapura announced it had secured five new contracts worth a total of about RM1.3 billion, which included a submarine rescue service contract for the Royal Australian Navy and a foray into Egypt for the installation of six new subsea pipelines in the Gulf of Suez.
Most analysts reaffirmed their buy or outperform recommendations on the stock following the announcement, with 11 out of 18 analysts recommending Sapura Energy.