Halim Saad pares stake in Sumatec
Johnny Loh | 02 Feb 2018 00:30
Sumatec Resources Bhd’s largest shareholder, Tan Sri Halim Saad, has disposed of 127 million shares or a 2.99% stake in the company, a filing with Bursa Malaysia on Jan 29 reveals.

Post-disposal, the businessman trimmed his stake in the company to 12.7%. 

Led by its managing director Abu Talib Abdul Rahman, Sumatec Resources is engaged in upstream oil and gas activities as well as management and oversight of the oil production operations.

The counter has been actively traded following recent news that oil production at the Rakushechnoye oilfield in Kazakhstan will reach 1,500 barrels of oil a day by end-March. 

Sumatec has also inked a presale gas agreement with Kazakhstan-based NIPIneftegas-led consortium recently for the sale of about 36.5 million barrels of oil equivalent of gas over 15 years at market price.