Monday, 23 April 2012

Kencana, SapuraCrest rally ahead of trading suspension

KUALA LUMPUR (April 23) : Shares of KENCANA PETROLEUM BHD [] and SAPURACREST PETROLEUM BHD [] rose on news that trading of both stocks will be suspended beginning May 2 to facilitate the capital repayment exercises by the oil and gas support service providers.

The capital repayment is in conjunction with the merger of both firms under a new listed entity SapuraKencana Petroleum Bhd.

Kencana shares climbed as much as 4% or 13 sen to RM3.33, a record high since the company’s listing in December 2006. The stock traded lower at RM3.29 at lunch break with some 5.1 million shares changing hands.

SapuraCrest added as much as 3% or 14 sen to RM5.04 before settling lower at RM5 with 331,900 shares done.

In separate statements to the exchange on Monday, SapuraCrest and Kencana said the trading suspension will take place until the delisting of both firms from the exchange. The ex-date for the capital repayment falls on May 4 while the entitlement date is on May 8.

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