KUALA LUMPUR (Mar 6): SapuraKencana Petroleum Bhd fell as much as eight sen or 3%, extending losses after Tan Sri Mokhzani Mahathir and Yeow Kheng Chew resigned from the company's board.

SapuraKencana (fundamental: 1.3; valuation: 1.8) fell to its intraday low of RM2.37 before paring losses. At 9:53am, the stock was traded at RM2.41 for a market capitalisation of RM14.44 billion.

Some 19 million shares changed hands. SapuraKencana was the fifth most-active stock on the exchange.

Yesterday (Mar 5), SapuraKencana shares fell 19 sen or 7% to close at RM2.45.

Last Wednesday (Mar 4), SapuraKencana said Mokhzani and Yeow had resigned "due to personal reasons."  Their resignations were effective beginning that day.

Mokhzani was the vice chairman besides a non-independent and non-executive director of SapuraKencana. Yeoh was a non-independent and non-executive board member.

It is worth noting that institutional investors had actively traded SapuraKencana shares ahead of the resignation announcements.

Yesterday, SapuraKencana's statement to the exchange showed that the Employees Provident Fund (EPF) had last Monday (Mar 2) acquired 3.94 million SapuraKencana shares. The EPF had also sold a total of 3.99 million units on the same day.

Following these transactions, the EPF owns 852.81 million shares or 14.23% in SapuraKencana.

(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.)