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Wednesday, 13 December 2017 | MYT 12:00 AM

EPF ups stake in Sapura Energy to around 11.5%

PETALING JAYA: The Employees Provident Fund (EPF) has upped its stake in integrated oil and gas services company, Sapura Energy Bhd, to 11.508% or 689.61 million shares in the company.

According to a Bursa Malaysia filing yesterday, Sapura Energy said the biggest fund in the country had acquired an additional three million shares in the company last Thursday.

Last Thursday also saw Sapura Energy announcing a huge quarterly loss – causing the stock to plunge 24.5 sen to 96.5 sen on that day in heavy trading.

The company suffered a net loss of RM274.4mil in its third financial quarter versus a net profit of RM158.06mil a year ago as it recorded lower contributions from its engineering and construction and drilling segments as well as lower share of profit from joint ventures.

The lower contribution from joint ventures was owing to a share of loss in the disposal of vessel from SapuraAcerby amounting to RM46.1mil. For the quarter under review, group revenue declined 42% to RM1.28bil from the previous-year quarter.