Tuesday, May 22, 2012

Petra ... May12


Perdana Petroleum Bhd planned to sell its stake in Petra Energy. The stake sale is progressing as planned and the results will be announced in the weeks ahead if anything materialises.

To recap, oil and gas services provider Perdana Petroleum had put its entire 26.9% block in Petra Energy Bhd up for tender late last month with CIMB Investment Bank being appointed to undertake a restricted tender process for the proposed divestment of its 57.7 million shares.

An observer said the potential of a new shareholder entering the company could be a catalyst for the stock moving forward. However, it needs to be noted that naturally investors would prefer the new shareholder to be able to inject value should this tender process move to its next stage.

Perdana Petroleum’s divestment of its entire stake in Petra Energy Bhd would eventually pave the way for Perdana Petroleum to restructure its own financials and operations.

However some market observers noted that Perdana Petroleum was unlikely to either sell its stake at a fire-sale deal or match its previous transaction price.

Shorefield Resources Sdn Bhd could emerge as one of the potential suitors for Perdana’s 26.9% stake in Petra Energy. This is because under the previous management, Perdana Petroleum had in December 2009 sold its 25% stake of 48.8 million shares in Petra Energy to Shorefield for RM93.2mil or RM1.91 per share.

Other potential suitors included institutional funds and business associates in complementary lines.

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