Monday, 30 April 2012

Bumi Armada shares retreat at mid-morning

KUALA LUMPUR (APRIL 30): Bumi Armada Bhd shares retreated on Monday after some shareholders holding 293 million shares, representing almost 10% of the company, disposed their interest via a book building exercise last Thursday. The exercise was reportedly done at an average price of RM3.95.

At 10.30am, Bumi Armada, a company that is controlled by low profile T. Ananda Krishnan, was down six sen to RM4 with 2.63 million shares traded.

Ananda himself did not dispose any of his interest in Bumi Armada, indicating that there is still much upside for the company.

Bumi Armada Bhd in response to news reports that Ananda was paring down his stake said that enquiries with its major shareholders and directors, it clarified that Ombak Damai Sdn Bhd, Wijaya Sinar Sdn Bhd and Karisma Mesra Sdn Bhd had participated in a book-building exercise conducted by CIMB Investment Bank Bhd, accounting for a total of 293 million Bumi Armada shares.

The Edge Financial Daily last Friday reported that Ananda and his bumiputera partners will sell roughly 15% of offshore services provider Bumi Armada Bhd in private placements to local and foreign institutional investors in a deal that will raise close to RM2 billion.

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