Quek Leng Chan has raised his stake in oil and gas-based Petra Perdana Bhd ('Petra') to 35.5 million shares or 11.93%. His private company, HL Management Co. Sdn Bhd had acquired 27 million shares or 9.07% stake on May 7 at RM2.75 each (go here). The shares were placed out by Petra at a steep discount of 21.4% to that day’s average price of RM3.50 because the buyer would not be entitled to the renouceable restricted issue tranche of the proposed public issue of new ordinary shares of RM0.50 each in Petra Energy Berhad, a subsidiary of Petra, pursuant to the initial public offering of the ordinary shares of RM0.50 each in Petra Energy Berhad.
Today, Petra share price has broken to upside of the ascending triangle pattern at RM3.60 (see Chart 1 below). With this breakout, the stock’s next resistance would be its all-time high of RM3.78 (see Chart 2 below). A break above the all-time high would be very bullish for Petra. If so, Petra would be a good trading buy.
Chart 1: Petra's daily chart as at May 16 (courtesy of Quickcharts)
Chart 2: Petra's monthly chart as at May 16 (courtesy of Quickcharts)
Note: In this post, I have not examined the company's financial performance nor financial position.
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