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HomeMaritime NewsRegionsAsiaSarawak-based interests become second biggest shareholder in Barakah Offshore

Sarawak-based interests become second biggest shareholder in Barakah Offshore

Sarawak-based interests become second biggest shareholder in Barakah Offshore
Barakah Offshore Petroleum looks to be increasingly moving into Sarawak hands as timber and energy conglomerate Samling Group founder Yaw Teck Seng became the second largest shareholder, after increasing his stake to 10% through acquiring a further 5.9% stake through his Hong Kong-based United Power Group Holdings.

Barakah Offshore said in a stock market announcement that United Power, boosted its holding by 48.62m shares last month. The stake would have an estimated market value of MYR29.42m ($6.85m) based on recent closing prices.

Yaw is deemed interested an interested party by virtue of his shareholding in Yaw Holding, which owns United Power’s holding company Samling Energy.

Barakah Offshore has been receiving an increasing number of Sarawak-linked contracts recently. Last month, it announced two contract awards worth a total of MYR96.4m, a $14.3m contract from Samling Resources for the provision of well intervention vessel, support vessel and services to decommission the Chinguetti and Banda deepwater oil field in Mauritania, and a MYR35m contract from Asean Bintulu Fertilizer (ABF) for the provision of basic and detailed engineering, procurement, construction and commissioning package for rejuvenating the urea ship loading facilities project at the ABF plant in Bintulu.

The latest developments see United Power displacing Felda Investment Corp as the second largest shareholder, Barakah Offshore group president and ceo Nik Hamdan Daud’s shareholding falling to 38.61%.

TAGS: Finance & Insurance Offshore Regions
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