Seadrill pares SapuraKencana interest
4% cut in stake yields US$165m profit for seller
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SHARES in integrated oil and gas company SapuraKencana Petroleum eased over one per cent to RM4.38 apiece yesterday after news emerged that significant shareholder Seadrill Ltd had pared its interest down in the Malaysian firm to 8 per cent at the close of trading on Wednesday.
The Bahamas-domiciled but London-managed Seadrill said that it had placed out 230 million SapuraKencana shares for US$300 million, or RM4.30 a share, representing a 3.4 per cent discount to the oil firm's market value at the close of trading on Wednesday.
The sale reduced the oil driller's interest in SapuraKencana to 8 per cent from 12 per cent previously and Seadrill said that it had realised US$165 million in profit from the sale. According to industry officials, the shares were taken up by Malaysian funds, 60 per cent, and North American funds.
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