NST Online Business Times : latest

Posted: 22 Oct 2013 07:17 PM PDT

Shares in SapuraKencana Bhd jumped more than five per cent on Wednesday after the Malaysian oilfield service provider agreed to pay US$898 million to buy Newfield Exploration Co's Malaysian oil and gas assets.

By 9.07am in Kuala Lumpur, SapuraKencana shares were up 5.4 per cent at RM4.30 per share, outperforming the broader market's 0.2 per cent rise, as investors cheered the company's maiden expansion into the business of owning and operating fields.

"In essence we are acquiring a proven oil and gas operator with a balanced portfolio of producing and discovered fields and exploration assets in peninsula Malaysia and Sabah and Sarawak," SapuraKencana chief executive officer, Tan Sri Shahril Shamsuddin, said in a statement.

The sale signals an aggressive diversification strategy, making the firm Malaysia's fourth-largest producer after oil majors like Shell and Exxon-Mobil.

"As a field owner and operator, this business will require different set of operating principles and as such we will manage this new business division separately as an independent subsidiary," he said.

SapuraKencana will hold interests in nine production-sharing blocks offshore Malaysia, giving the company an opportunity to learn the business and look at ways to boost the productivity of the fields - some of which are in natural decline.

The deal is subject to approval from state oil firm and industry regulator Petronas, which is in charge of awarding all production-sharing blocks in the country and has been tasked with boosting the production of marginal and depleted fields.-- Reuters

Ringgit traded higher against US dollar

Posted: 22 Oct 2013 07:04 PM PDT

The ringgit opened higher against the US dollar Wednesday, which was generally weak due to bearish US jobs data released
yesterday, dealers said.

At 9.09am, the ringgit was quoted at 3.1480/1510 vis-a-vis the greenback at 3.1715/1735 yesterday.

Meanwhile, the ringgit was mostly higher against other major currencies.

The local currency rose against the Singapore dollar to 2.5492/5518 from 2.5554/5572 Tuesday and appreciated against the yen to 3.2100/2133 from 3.2234/2271 yesterday.

The domestic unit was slightly higher against the British pound to 5.1120/1182 from Tuesday's 5.1144/1182 but fell against the Euro to 4.3379/3427 from 4.3354/3388 yesterday.-- Bernama

Kredit: www.nst.com.my

Selasa, 22 Oktober 2013

NST Online Business Times : latest

NST Online Business Times : latest

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