Sumatec CFO sells entire stake, shares and warrants extend rally

Sumatec Resources Bhd’s chief financial officer Roshidah Abdullah sold her entire 20 million shares in the company on July 9, making a gross gain of about RM6.16mil.

In a filing with Bursa Malaysia, the company said Roshidah had disposed of her entire 0.64% stake in Sumatec for 30.8 sen per share.

Yesterday, Sumatec’s shares and warrants jumped, extending their Friday rally, which came about after the company said it was proposing to buy Borneo Energy Oil and Gas Ltd for US$250mil (RM785.387mil).

Borneo Energy is a Kazakhstan oil and gas (O&G) outfit that has the rights for exploration and production in two fields in that country.

Sumatec shares hit an intra-day high of 42 sen yesterday, closing the day at 40.5 sen, an 8% increase, with 478 million shares being done. It was the highest close since Nov 14 last year.

Its warrants, Sumatec-WB and Sumatec-WA, meanwhile, jumped 14.75% and 17.54% to close at 35 sen and 33.5 sen, respectively. Sumatec’s shares and warrants were among the most active counters yesterday.

Sumatec also recently appointed Datuk Ahmad Johari Abdul Razak (the brother of Prime Minister Datuk Seri Najib Tun Razak) as an independent non-executive director. Ahmad Johari has a 1.92% direct interest in Sumatec.

The Practice Note 17 firm is currently involved in the development and production of gas for the Rakuschechnoye O&G field in Kazakhstan with Markmore Energy (Labuan) Ltd.

Markmore is the owner of the concession and holds the sub-surface user rights for the Rakuschechnoye field through its unit CaspiOilGas LLP. Businessman Tan Sri Halim Saad owns 99% of Markmore and is also Sumatec’s major shareholder.

It has been reported that Halim owns 24.9% of Sumatec.