Petronas anticipates challenging oil & gas industry in 2021 thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.
BETWEEN Dec 7 and 11, notable filings of companies listed on Bursa Malaysia included one by
Chemical Company of Malaysia Bhd (CCM), where Permodalan Nasional Bhd ceased to be a shareholder after disposing of 76.45 million shares in a share sale.
This came on the heels of an offer by Batu Kawan Bhd to buy all the shares in CCM it did not already own at RM3.10 per share. Subsequently, Batu Kawan emerged as the largest shareholder in CCM with a 59.73% stake, from 3.41% previously.
Boardroom changes followed, starting with the resignation of chairman Datuk Idris Kechot. Non-independent non-executive directors Amizar Mizuar and Zainal Abidin Jamal followed suit. Tan Chee Heng, Dr Tunku Alina Raja Muhd Alias and Datuk Lee Hau Hian were appointed as non-independent non-executive directors.
Outlook for oil & gas sector to brighten as Covid-19 vaccine rollouts boost hopes of economic recovery thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.
THE gradual rise in oil prices has boosted the share prices of oil & gas (O&G) stocks of late as the market looks forward to the recovery theme. Notably, since early November, the FBM Energy Index has risen 45%.
Most O&G stocks delivered positive returns during this period, except for Dialog Bhd (-3.5%), Favelle Favco Bhd (-3.9%) and Ocean Vantage Holdings Bhd (-2%). Refiners such as Hengyuan Refinery Company Bhd and Petron Malaysia Refining & Marketing Bhd were among the top gainers, surging 144.9% and 96.7% respectively.
That said, analysts are of the view that the upside for O&G stocks is limited at this juncture, unless the oil prices climb further.
Outlook for oil & gas sector to brighten as Covid-19 vaccine rollouts boost hopes of economic thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.