Shares of Malaysia’s SapuraKencana Petroleum Bhd opened 2.67 percent above its reference price of RM2.24 a share on its debut on the Malaysia bourse on Thursday.
Shares in the oil and gas group slipped back to the reference point by 9:14 a.m. local time, underperforming a 0.4 percent rise in Malaysia’s benchmark stock index.
SapuraKencana is the merged entity of oil and gas services firms Kencana Petroleum Bhd and Sapuracrest Petroleum Bhd.
The merger is part of an ambitious government blueprint, the Economic Transformation Programme (ETP), aimed at attracting in investors and turning Malaysia into a high-income economy by 2020. -- Reuters
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