Sumatec cuts price for asset buy
12 Jan 2015 / 05:37 H.
PETALING JAYA: Sumatec Resources Bhd has reduced the acquisition price for the entire stake in Borneo Energy Oil and Gas Ltd following the decline in global oil prices and Sumatec's share price in recent months.
In a filing with the stock exchange, Sumatec said the price had been cut by US$60 million to US$290 million (RM1.02 billion) from the initial US$350 million, which led to the change in the acquisition sum.
It noted that oil prices had fallen from US$103.19 per barrel in August 2014 to US$57.33 in December 2014, while its share price had gone down to 21 sen from 48 sen over the same period.