SAPURA Energy Bhd emerged as the most actively traded stock on the market today following the announcement of Petroliam Nasional Bhd’s (Petronas) approval for its US$530.3 mil stake sale in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS.
In the first hour of trading, approximately 75.9 million shares changed hands. The stock reached a high of 5 sen before settling at 4 sen, with its 52-week high previously recorded at 7 sen.
In a filing with Bursa Malaysia Securities on Tuesday (June 11), Sapura Energy disclosed that it received Petronas’ approval on June 10, 2024, for the change of ownership in SapuraOMV’s production sharing contracts for SK310, SK408, and SB412, effective from Jan 1, 2025.
The approval requires Sapura Upstream Assets Sdn Bhd to complete the proposed disposal concurrently with the divestment of OMV Exploration & Production GmbH’s shares in SapuraOMV to TotalEnergies by Dec 31, 2024.
If the transactions are not finalised by the deadline, Petronas reserves the right to revoke the approval.
Furthermore, Sapura Energy also noted that any efforts to continue with the proposed disposal after the deadline would be considered a new, separate transaction, subject to Petronas’ written approval. – June 13, 2024
