KUALA LUMPUR (Sept 2): Sarawak-based oil and gas company Ocean Vantage Bhd (KL:OVH) saw 97.93 million shares, or a 23.32% stake change hands on Monday afternoon in a direct business transaction.

The block of shares was transacted at 20.4 sen a share, or RM19.98 million in total. The transacted price was 16.57%, or a 2.9 sen premium to the closing price of Ocean Vantage at 17.5 sen a share.

It is not known who had purchased the block of shares of the upstream O&G service provider. Should the block be taken by one party, this could mark an emergence of a new controlling shareholder in the loss-making company. 

It is understood that the sellers include Ocean Vantage executive directors Martin Philip King Ik Piau (74.54 million shares, or a 17.75% stake) and Yau Kah Tak (782,000 shares, or 0.186%), as well as Ik Piau’s sister and Yau’s spouse Mary King Siaw Ning (22.61 million shares, or 5.38%).

The other substantial shareholders of Ocean Vantage are chief financial officer (CFO) Chang Vun Lung (29.46 million shares, or 7.02%) and managing director Kenny Ronald Ngalin (21.02 million shares, or 5.01%).

Shares of the ACE Market-listed outfit were transacted across four blocks of 22.61 million shares, 782,000 shares, 41.99 million shares, and another 32.54 million shares.

The transaction values Ocean Vantage at RM85.67 million, compared with its market capitalisation of RM73.49 million, based on its Monday’s closing price.

Listed in July 2020 at 26 sen per share, Ocean Vantage saw some weakness in performance, with the last three quarters in the red.

For the six months ended June 30, 2024 (1HFY2024), Ocean Vantage booked a net loss of RM2.11 million or -0.5 sen per share, from a RM7.09 million net profit or 1.69 sen per share in 1HFY2023.

This was on the back of a decline in its revenue by 29.97% to RM67.38 million, from RM96.22 million, mainly from lesser contribution from the Bintulu additional gas sales facility 2 project, which is near completion.

The group also undertakes solar projects, such as a 10 megawatt (MW) floating solar plant in Manjung, Perak.

At end-June, Ocean Vantage was in a net cash position of RM5.11 million, based on total borrowings of RM8.46 million, and cash and bank balances of RM13.57 million. Total equity stood at RM62.51 million, with RM35.75 million in retained earnings.