KrisEnergy: (S$0.116) Struggling to stay afloat
- Share price has fallen 6.5% to $0.116 over the past two trading days, after company highlighted that its existing debt agreements could come under stress in the near term.
- Sparked fear for shareholders, particularly after the recent Swiber insolvency, that KrisEnergy could be the next victim of the sustained depressed oil market.
- KrisEnergy currently in talks with external parties to strengthen its capital structure.
- Keppel Corp is the company’s largest shareholder with 40%, giving sovereign fund Temasek an effective 8.3% stake in KrisEnergy, due to its 20.7% shareholding in Keppel Corp.
- At current prices, KrisEnergy is trading at a 70% discount (0.3x P/B) to its NAV/share at $0.4041, compared to upstream E&P peers Ramba (1.5x), Interra Resources (0.7x) and Rex (0.3x).
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