Dayang to keep listing status of Perdana Petroleum after cutting stake

KUALA LUMPUR: Dayang Enterprise Holdings Bhd will divest at least 25% of the group's stake in Perdana Petroleum Bhd (PPB) but will maintain the listing status of its unit.
Integrated offshore service provider Dayang currently has more than 98% equity in PPB.
PPB executive director Bailey Kho Chung Siang said the company is already in talks with some interested parties for the said disposal. He, however, refused to disclose the potential parties, saying it was too early.
"A lot of them are interested, but at the moment, it is a question of pricing. The current market situation, especially with the fluctuation in global crude oil prices, is influencing the share price," he told reporters after the group's AGM here yesterday.
Kho said the divestment will still keep Dayang in control of Perdana, an offshore supply vessel operator, which has 17 vessels and an order book of RM650 million to last until 2018.
He said the group is optimistic that oil prices will rebound, as there is some improvement at US$48 per barrel currently. "However, we are confident that the major decisions made towards end-2015 such as management restructuring and loans refinancing, have better prepared and sustained us through this prolonged down-cycle."
Last year, PPB reduced its staff strength from 150 to 50. PPB's clients include Dayang and Petronas Carigali Sdn Bhd.
Kho said the group is looking to penetrate the regional market, particularly Myanmar, Brunei and Indonesia, by leveraging on its service operation. – Bernama