KUALA LUMPUR (Oct 15): Norway-registered SEA1 Offshore Rederi AS has ceased to be a substantial shareholder in loss-making Propel Global Bhd (KL:PGB), after disposing of 49.23 million shares in the oil and gas services group.

The shares were disposed of via a direct business transaction on Oct 13, according to the group’s bourse filing on Thursday.

The disposal price was not disclosed in the filing. Based on the closing price on Oct 13 of six sen, the transaction could be worth about RM2.95 million.

SEA1 Offshore Rederi AS, a subsidiary of SEA1 Offshore Inc, had been a substantial shareholder of Propel Global, then known as Daya Materials Bhd, since 2015. Propel Global took over the listing status of Daya Materials in 2022.

According to Propel Global's latest annual report, SEA1 Offshore held 75.533 million shares or a 9.10% stake in in Propel Global.

The identity of the buyers of the direct business transaction was not disclosed in the filing, but separate filings on Thursday showed that several other shareholders and a group director increased their stakes in Propel Global on Oct 13.

Datuk Low Keng Siong, who is also executive director of Thriven Global Bhd (KL:THRIVEN), acquired 20 million shares, raising his total holding to 166.75 million shares — comprising 51.5 million direct shares (5.95%) and 115.25 million indirect shares (13.31%).

Propel Global director Rewi Hamid Bugo acquired 13.17 million shares at RM0.038 per share, bringing his direct stake to 58.91 million shares or 6.8%.

Additionally, Irene Tan Ai Lin acquired 4.3 million shares to increase her total interest to 74.3 million shares (6.96% direct and 1.62% indirect), while Kong Teck Fong picked up 1.76 million shares, raising his total holding to 188.43 million shares (3.08% direct and 18.68% indirect).

The transactions come as Propel Global is seeking shareholder approval to diversify into property development, following its maiden commercial project launch in Kuantan in June.

On Oct 14, the group announced that it expects its property division to contribute over 25% of net profit moving forward, as it works to address widening losses in its core oil and gas segment, which resulted in its overall net loss widening to RM27.2 million for the financial year ended June 30, 2026, while revenue fell by almost 28% to RM80.4 million.

Propel Global shares closed flat at six sen on Thursday, giving the group a market capitalisation of RM52 million.