KUALA LUMPUR: Sumatec Resources Bhd yesterday dismissed speculation that oil and gas (O&G) assets will be injected into the company, clarifying a media report that businessman Tan Sri Halim Saad is looking to inject some O&G assets from Europe and Vietnam into the company and may emerge as a substantial shareholder.
“The board of directors wishes to clarify that there is no O&G assets injection but the company is in the midst of negotiation with the prospective investor on the regularisation plan,” Sumatec said in a statement yesterday.
The Practice Note 17 company did not specify if Halim is the prospective investor it is in talks with to regularise its distressed position.
Sumatec, which was Tuesday’s most active stock with over 52% of its share base changing hands, had its shares and warrants occupying the second and third spot on the most active list yesterday.
Sumatec rose 0.5 sen to 28.5 sen, off an intra-day high of 32 sen, with over 87 million shares done. Sumatec-WA closed unchanged at 16 sen, on a volume of 60.8 million units.
This article appeared in The Edge Financial Daily, November 24, 2011.
“The board of directors wishes to clarify that there is no O&G assets injection but the company is in the midst of negotiation with the prospective investor on the regularisation plan,” Sumatec said in a statement yesterday.
The Practice Note 17 company did not specify if Halim is the prospective investor it is in talks with to regularise its distressed position.
Sumatec, which was Tuesday’s most active stock with over 52% of its share base changing hands, had its shares and warrants occupying the second and third spot on the most active list yesterday.
Sumatec rose 0.5 sen to 28.5 sen, off an intra-day high of 32 sen, with over 87 million shares done. Sumatec-WA closed unchanged at 16 sen, on a volume of 60.8 million units.
This article appeared in The Edge Financial Daily, November 24, 2011.
