Breaking News

Tweet TWEET

Mokhzani Reduces SapuraKencana Stake After Malaysian Merger

Mokhzani Mahathir, a son of former Malaysian Prime Minister Mahathir Mohamad, sold part of his stake in SapuraKencana Petroleum Bhd. (SAKP), the country’s biggest oil and gas services company, keeping his share above 10 percent.

Some 190.3 million shares in SapuraKencana were traded off market yesterday at 4.30 ringgit each, amounting to 818.3 million ringgit ($247.8 million), according to data from the Kuala Lumpur stock exchange. Mokhzani and family of the late Chong Hin Loon were sellers of the block, the Star newspaper reported today, citing people it didn’t identify.

“Placed out some shares,” Mokhzani said by phone today, confirming the per-share transaction price of 4.30 ringgit. “Still maintain above 10 percent. Will keep the rest of the shares and monitor and help SapuraKencana to grow.”

Kuala Lumpur-based SapuraKencana was formed through the 11.9 billion ringgit merger of SapuraCrest Petroleum Bhd. and Mokhzani’s Kencana Petroleum Bhd. It was added to Malaysia’s benchmark stock index in June and has climbed 52 percent in the past year. Mokhzani gave up management role in the group this year, becoming a non-executive director.

SapuraKencana fell 1.1 percent to 4.35 ringgit in Kuala Lumpur as of 11:25 a.m., compared with a 0.1 percent decline in the benchmark FTSE Bursa Malaysia KLCI Index.

Mokhzani, who had about a 15 percent stake in the company, sold 90 million shares yesterday and has another 714 million shares, according to the Star report.

To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net

To contact the editor responsible for this story: Barry Porter at bporter10@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.