SapuraKencana opens higher on market debut

KUALA LUMPUR, May 17 — Shares of SapuraKencana Petroleum Bhd opened 2.67 per cent above its reference price of RM2.24 a share at its debut on Bursa Malaysia today.

Shares in the oil and gas group slipped back to the reference point by 9.14am, 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