Monday, September 30, 2013
Tiong Hiew King owned Singapore-based RH Petrogas in stke sale
Sona Petroleum shares, warrants up on stake acquisition in Singapore-based company
September 28, 2013, Saturday
KUALA LUMPUR: Sona Petroleum Bhd shares and warrants increased in trading yesterday on speculations that it is looking to buy a stake in Singapore-listed RH Petrogas Ltd.
RH Petrogas is controlled by Sarawak tycoon Tan Sri Tiong Hiew King, who is also chairman of the oil and gas company.
As of closing yesterday, Sona Petroleum gained one sen to 44.5 sen, with 35.4 million shares transacted, while its warrants were up 0.5 sen to 28 sen, with 107.14 million shares changing hands.
Based on a news report, Sona Petroleum could be buying a stake in RH Petrogas via a placement of shares, and acquiring some of its assets, which are offshore oil and gas blocks.
Sona Petroleum wants to acquire 10 per cent share placement in RH Petrogas as the latter is looking to raise US$60 million for capital expenditure. — Bernama
Phd in Economics
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