Mokhzani reduces SapuraKencana stake, 190.3 million shares traded off-market

According to reports, some 190.3 million shares in SapuraKencana Petroleum Bhd were traded off market yesterday. — file pic
According to reports, some 190.3 million shares in SapuraKencana Petroleum Bhd were traded off market yesterday. — file pic

KUALA LUMPUR, Feb 19 — Datuk Mokhzani Mahathir and the family of the late Chong Hin Loon have been identified as the vendors of a block of 190.3 million shares in SapuraKencana Petroleum Bhd, that crossed off-market, according to The Star newspaper today.

The buyers, according to sources, are said to be made-up of seven institutions largely of government-linked investment companies (GLICs).

Mokhzani sold 90 million while Chong’s family sold the balance 100 million. The sale was traded at RM4.30 per share, placing the entire sale value at RM818.29mil. The price was at a small discount of 2 percent to yesterday’s closing price of RM4.40.

The Star report also stated that following sales of smaller blocks into the market last year, Mokhzani would have a further 714 million shares in SapuraKencana while Chong’s family would have around 10 million left.

In 2012, Mokhzani had emerged with about 15 per cent of SapuraKencana after his Kencana Petroluem Bhd merged with SapuraCrest Petroleum Bhd. The Star also reported that last year Mokhzani reportedly faced controversy after his private investment vehicle Kencana Capital Sdn Bhd ended up with close to a 15 per cent stake in another oil and gas service provider Yinson Holdings Bhd.

The SapuraKencana board had subsequently ruled out any conflict of interest.

Mokhzani relinquished his executive positions in SapuraKencana late last year and instead remained only as a non-executive director.

Chong who passed away last October aged 65, was a seasoned oil and gas professional, having risen from the ranks while working with oil and gas companies in Singapore. He set up HL Engineering in 1982, which he subsequently changed to Kencana Petroleum after Mokhzani invested in the company in 2001, according to The Star newspaper.

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