Quick take: Perdana Petroleum shares fell 7% after rights issue

KUALA LUMPUR: Perdana Petroleum Bhd fell in early trade Tuesday after proposing rights issue of up to RM506mil.

The counter shed 7.25%, or 2.5 sen to 32 sen with over 4.73 million shares traded. It has gained some 51% in the past one year.

Perdana has has proposed to undertake a rights issue of redeemable convertible preference shares (RCPS) that could raise up to RM506mil.

Perdana’s single largest shareholder, Dayang Enterprise Holdings Bhd, has provided a written unconditional and irrevocable undertaking to Perdana to subscribe up to RM455mil of the RCPS.

This will set off the RM455mil debt that Perdana owes Dayang.

Dayang owns some 470.79 million shares or a 60.48% stake in Perdana.

Last week, Perdana announced that its subsidiary Perdana Nautika Sdn Bhd has received work orders from Petronas Carigali Sdn Bhd for the provision of three anchor handling tug & supply (AHTS) vessels.

Perdana Nautika received two work order awards for the provision of two units of its AHTS vessel, expected to commence in the second quarter of 2019, for a duration of six months with the option to extend for another six months.

Source: TheStar