Sapura Energy shares slip in early trade

KUALA LUMPUR, Nov 8 — Sapura Energy Bhd lost half-a-sen per share to 36.5 sen in the early trade today, amid its plan to seek shareholders’ approval for a proposed rights issue to raise RM4 billion.

At 9.38am, 19.2 million shares were transacted.

Public Investment Bank Bhd in a note said the target price for the counter stood at 81 sen and rated “buy”.

Sapura Energy will hold an Extraordinary General Meeting on Nov 29 to seek the shareholders’ approval and the company also proposes to issue 9.9 billion new ordinary shares at an issue price of 30 sen. — Bernama