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Shares of SapuraCrest, Kencana rise on takeover

Shares of SapuraCrest, Kencana rise on takeover

Shares of Malaysia's SapuraCrest Petroleum Bhd. and Kencana Petroleum Bhd. are rising on news they will be combined in an $3.9 billion deal to create one of the world's largest oil and gas services providers.
The two companies announced late Monday they received takeover offers worth a total of 11.85 billion Malaysian ringgit ($3.9 billion) from Integral Key Sdn. Bhd.
The deal comes amid expectations of larger projects amid rising upstream investment in Malaysia's oil and gas industries.
Shares of SapuraCrest rose 1.1 percent to 4.54 ringgit ($1.51) at midday Tuesday and Kencana gained 4.3 percent to 2.92 ringgit (98 cents).


Updated : 2021-08-02 11:22 GMT+08:00