Petra Energy Sells Stake in Bumi Subsea

Petra Energy Berhad (PEB), a provider of comprehensive range of integrated brown field services for the upstream oil & gas industry, has completed the disposal of the 51% equity interest in Bumi Subsea SDN BHD (BSSB).

The company entered into Shares Sales Agreement with Farid Khan bin Kaim Khan (“FKKK”) and Raziah Bibi Binti Aurange Zeb (“RBAZ”) to purchase the entire 51% equity interest amounting to 312,245 ordinary shares of RM1.00 each.

The complete transaction is worth RM430,912.45 ($124,072). Petra Energy initially bought the stake last year for MYR340,000.

According to PEB, Proposed Disposal has been completed on January 13, 2015 in accordance with the terms of the Shares Sale Agreement.

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