Oil and gas (O&G) stalwart Dayang Enterprise Holdings Bhd , the single largest shareholder of Perdana Petroleum Bhd, could be increasing its hold on the latter.
Dayang has been accumulating shares in Perdana Petroleum over the last one week, said financial executives familiar with the company. Dayang presently owns 14.88 percent of Perdana Petroleum, insiders say it is mandated to buy as much as 20 percent.
“Basically there are a lot of HUCC (hook up, construction and commissioning) jobs coming on stream. With Dayang increasing its stake in Perdana, it will have a better control of its marine spread when bidding for jobs,” said one of the executives.
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NOTE: Reuters has not verified this story and does not vouch for its accuracy.
Reporting By Burhan Shariff