SINGAPORE (Dec 24): Lloyds Energy, which is selling half its stake in a Russian gas field to Singapore Exchange-listed MMP Resources, has emerged as a substantial shareholder of the latter. On Dec 17, MMP Resources announced that Lloyds Energy had bought 34.5 million of its shares from the open market on Dec 14 at an average price of 0.7 cent per share, raising the latter’s total stake from 5.95% to 7.42%, or 173.9 million shares.

Lloyds Energy first emerged as a substantial shareholder when MMP Resources announced on Dec 14 that the company had bought nearly 61.6 million shares from the open market for $430,864.70 on Dec 12. The shares were also bought at an average price of 0.7 cent each. Before that, Lloyds Energy, which is focused on liquefied natural gas, held 77.8 million shares, or 3.32%, of MMP Resources.

Further changes in MMP Resources are likely. On Oct 25, the company announced that its substantial shareholders were in talks to sell shares to Lloyds Energy, which is incorporated in Bermuda but headquartered in Dubai.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook