Halim racing to reverse Sumatec’s fortune
F Saad | 02 Mar 2018 00:30
Halim is Sumatec’s largest shareholder with a 12.7% stake

It is not surprising that after several false starts, minority shareholders and potential investors are still not fully convinced Sumatec Resources Bhd’s Rakushechnoye oil and gas (O&G) field venture in West Kazakhstan is the real deal.

Sumatec’s largest shareholder Tan Sri Halim Saad has a tough task convincing minority shareholders they will finally see the company making steady profits, six years after the deal was first proposed.

Sumatec languished in PN17 status from May 2011 to September 2014, and several senior executives, including managing director James Chan Yok Peng and CEO Christopher Dalton, have since left. Abu Talib Abdul Rahman, supposedly Halim’s close business associate, is the current managing director.

During that period, the company also proposed a US$290 mil acquisition of the Buzachi oil fields, also in Kazakhstan, which has not been completed.

Sumatec shareholders will need more to be convinced before agreeing to pay the US$370 mil (RM1.55 bil) asking price for Markmore Energy (Labuan) Ltd. The latter holds the entire participatory interest in CaspiOilGas LLP, which in turn is the concession owner and operator of the Rakushechnoye field.