KUALA LUMPUR (Aug 9): Shares of Handal Energy Bhd surged to a nearly three-year high amid changes in ownership, which saw Seaoffshore Capital Sdn Bhd ceasing to become a substantial stakeholder, just days after Deepetro Offshore Brokers Pte Ltd emerged as its largest investor with an 11.43% stake.
In a filing to Bursa Malaysia on Wednesday (Aug 9), the company said Seaoffshore, controlled by its group managing director Sunildeep Singh Dhaliwal and Yamani Hafez Musa, has disposed of some 46.46 million shares on the open market. Sunildeep still has a 6.41% stake in the oil and gas integrated services provider after the divestment.
Subsequently, Handal Energy also announced the departure of independent and non-executive chairman Tengku Baderul Zaman Ibni Sultan Mahmud and executive director (ED) Tengku Munawir Islahuddin Tengku Noone Aziz from its board effective Aug 9, citing other work commitments as the reason of resignation.
Tengku Baderul, 48, who is the brother of former Yang di-Pertuan Agong Sultan Mizan Zainal Abidin, joined the board in July 2018 as a non-executive director before being redesignated to his latest post in January 2019. He still holds a 0.25% stake or 657,300 shares in the company.
Meanwhile, Tengku Munawir, 48, was appointed as the group’s ED in March 2020.
In separate filings, Handal announced the appointments of Xutiantian, 45, as its new ED and Yee Soon Jin ,55, as an independent and non-executive director.
Xutiantian, a China national, has past experience as an admin manager of Fragrant Prosperity PLC, a British Virgin Islands-based special-purpose acquisition company and a sales manager at EMG Group of Companies.
Deepetro Offshore emerges as substantial shareholder
Deepetro bought an 11.42% stake or 30.46 million shares on the open market on Aug 2 for RM114.08 million, based on the company’s Bursa filing on Aug 3.
Deepetro had subscribed for the shares at 37 sen a share, more than double Handal Energy's closing price of 17.5 sen on Aug 2. Over the past few days, its shares have been inching up.
Earlier Wednesday, the stock opened at 25 sen, one sen higher from its closing price on Tuesday before reaching an intraday peak of 28.5 sen — its highest since Dec 30, 2020.
It closed up two sen or 8.16% to 26.5 sen, with a market capitalisation of RM70.69 million.
One of the top active stocks, some 148.33 million shares changed hands, surpassing its 200-day average volume of 44.19 million shares and more than 19 times the 7.72 million shares transacted on the previous trading day.
The stock has jumped 76.67% year to date and gained 103.85% over the past 12 months.
Handal returned to the black in the first quarter ended March 31, 2023 (1QFY2023) with a net profit of RM12.06 million and revenue of RM17.5 million. There are no comparative figures for 1QFY2022 as the company changed its financial year end from June 30 to Dec 31.