Petra Energy/Petra Perdana Bhd ... Dec09

It seems the relationship between Tengku Datuk Ibrahim Petra and the Koh family, who formed the oil and gas group more than 20 years ago, has become strained. There is speculation that the two parities could split eventually, with one staying in Petra Perdana and other in Petra Energy Bhd.

Fuelling the speculation is Petra Perdana;s long expected move to divest to reduce its interest in 55% owned Petra energy . Industry sources say the corporate exercise could happen soon, something that has somewhat increased the tempo of manoeuvring among the shareholders of Petra Perdana.

The brothers Datuk Koh and Koh Poh Wat have a collective 0.92% stake in Petra Perdana while Tengku Ibrahim and his wife have a 12.94% equity interest. The Koh brothers are senior general managers of Petra Perdana.

Between Sept30 and Nov 3, 2009, the name Shorefield Resources Sdn Bhd appeared on the shareholders’ list of Petra Energy.

Shorefield Resources has two blocks of shares in its name – one block of two million shares and another 7 million, brining its total to 9.7 million or a 4.97% stake. As the stake is below 5% threshold, it does not need to make an announcement to the regulator.

Coincidentally, in that same period, TA First Credit disposed of 9.7 million shares or 4.97% stake, reducing its shareholdings in Petra Energy to 800000 shares as at Nov 3 2009.