KUALA LUMPUR: Sapura Energy Bhd was the most actively traded stock on the market today after it said it secured Petroliam Nasional Bhd's approval to sell its 50 per cent stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$530.3 million.
Some 75.9 million shares changed hands in the first hour of trading.
The stock hit a high of 5 sen before settling at four sen.
Its 52-week high was seven sen.
In a filing with Bursa Malaysia Securities on Tuesday, the company said on June 10, 2024 it received the approval from Petronas for the change of ownership in SapuraOMV of production sharing contracts for SK310, SK408 and SB412 with effect from Jan 1, 2025
The approval states that Sapura Upstream Assets Sdn Bhd is to complete the proposed disposal simultaneously with the divestment of OMV Exploration & Production GmbH's shares in SapuraOMV to TotalEnergies no later than Dec 31, 2024.
If the transactions are not completed by the said deadline, Petronas reserves its rights to revoke the approval. Sapura Energy said any effort to continue with the proposed disposal after the deadline shall will be as a new separate transaction which shall be subjected to Petronas' written approval.