IEV's oilfield exit spurs fears of blow to earnings

Singapore

CATALIST-listed IEV Holdings is selling its corporate headquarters at a loss, in what the offshore engineering and gas company said on Wednesday night is part of a "cost rationalisation exercise".

News of the sale came hot on the heels of an announcement that the group's Indonesian subsidiary would be exiting a West Java oilfield where production was "commercially unviable".

IEV's share price dropped by 0.6 Singapore cent to S$0.054 on Thursday. Some 4.8 million shares changed hands.

The group is flogging off its headquarters in Malaysia to the tune of RM9.2 million (S$3.06 mill…