KUALA LUMPUR (Dec 7): The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Dayang Enterprise Holdings Bhd less than a month after attaining the status.
The pension fund disposed of 1.15 million shares or a 0.1% stake in the oil and gas marine support service provider on Dec 2, slashing its stake to 4.96% (57.42 million shares), according to Dayang’s bourse filing on Wednesday (Dec 7).
The EPF emerged as a substantial shareholder of Dayang on Nov 11 with a 5.01% stake (58.03 million shares), and subsequently upped its stake to as high as 5.37% (62.17 million shares) by Nov 21.
However, the EPF then began paring its shareholding in Dayang on Nov 22, and by Dec 1 its equity interest in the group stood at 5.059% (58.57 million shares) after offloading a cumulative 3.6 million shares or 0.31% stake over six transactions in that one-week span.
Besides the EPF, asset management outfit Fidelity International Ltd (FIL) had also emerged as a substantial shareholder of Dayang with a 5.06% stake (58.6 million shares) on Oct 20.
The Edge Malaysia weekly reported in its Nov 28-Dec 4 edition that Petroliam Nasional Bhd (Petronas) could call for tenders for multi-billion ringgit worth of maintenance, construction and modification (MCM) contracts next year.
It added that both Dayang and its 63.71% publicly traded subsidiary, Perdana Petroleum Bhd, which operates a fleet of offshore support vessels, are likely to be beneficiaries of these contracts.
Apart from the MCM contracts, it said that there could be a number of integrated hook-up and commissioning contracts up for grabs in July next year, which could also augur well for Dayang.
According to Bloomberg data, Dayang’s share price hit a 52-week high of RM1.41 on Monday (Dec 5).
On Wednesday, Dayang ended four sen or 2.9% lower at RM1.34, giving the group a market capitalisation of RM1.55 billion. Year to date, Dayang’s share price has risen 66.46%.