SapuraKencana falls 9% after Mokhzani Mahathir, Yeow Kheng Chew resign

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KUALA LUMPUR (Mar 5): SapuraKencana Petroleum Bhd fell as much as 24 sen or 9% after Tan Sri Mokhzani Mahathir and Yeow Kheng Chew resigned from its board.

Yesterday, SapuraKencana (fundamental: 1.3; valuation: 1.8) said Mokhzani and Yeow had resigned "due to personal reasons."

Their resignations were effective yesterday.

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.

Today, SapuraKencana shares fell to its intraday low of RM2.40 before paring losses. At 10:04am, the stock was traded at RM2.44 for a market capitalisation of RM14.62 billion.

Some 27 million shares changed hands. SapuraKencana, which was the fourth most-active stock on the exchange, was also the third-largest decliner.

For comparison, the FBM KLCI fell 15.28 points or 0.8% to 1,810.26.

SapuraKencana shares had gained about 4% this year versus the KLCI's 3% advance.

(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.)