KUALA LUMPUR: Shares in Dayang Enterprise Holdings Bhd rose early Tuesday after the company received RM682.5mil financial assistance from parent company, Perdana Petroleum Bhd .
The counter rose marginally by 1.46%, or two sen to RM1.39 with over two million shares traded.
Perdana Petroleum has extended RM682.5mil in financial assistance to its 60.48%-owned subsidiary Dayang Enterprise, in order to help the latter establish new means to repay its debts.
Perdana said the financial assistance is needed to facilitate the establishment of Dayang’s proposed sukuk programme, which is part of a group-wide debt restructuring exercise undertaken by Dayang.
“The group-wide debt restructuring exercise of the Dayang Group aims to restructure and reschedule their loans and debt obligations to strengthen the financial position of the Dayang Group, and put in place an efficient and optimal capital structure, amid the recovery in the oil and gas industry,” the group said.
Perdana said Dayang’s sukuk programme was aimed at restructuring and rescheduling Dayang’s existing borrowings.
http://www.thestar.com.my/business/business-news/2019/07/23/quick-take-dayang-shares-rise-after-receiving-financial-assistance/
