SEA1 Offshore loses substantial shareholder status in Propel Global
The Norway-registered shareholder sold 49.23 million shares, while separate filings recorded purchases by other shareholders and a director.
SEA1 Offshore Rederi AS sold 49.23 million Propel Global Bhd shares on Oct 13 and no longer holds substantial shareholder status in the oil and gas services group, according to a bourse filing.
The sale was made through a direct business transaction. Neither the price nor the buyers’ identities were disclosed. Propel Global’s latest annual report put the Norway-registered company’s holding at 75.533 million shares, equivalent to 9.10%.
Separate filings recorded purchases on Oct 13 by several shareholders and a Propel Global director, without identifying them as buyers in SEA1 Offshore’s disposal.
Datuk Low Keng Siong, also an executive director of Thriven Global Bhd, bought 20 million shares. His holding rose to 166.75 million shares, split between 51.5 million held directly (5.95%) and 115.25 million held indirectly (13.31%).
Propel Global director Rewi Hamid Bugo purchased 13.17 million shares for RM0.038 each, lifting his direct holding to 58.91 million shares, or 6.8%. Irene Tan Ai Lin bought 4.3 million shares, taking her total interest to 74.3 million shares. Kong Teck Fong acquired 1.76 million shares and increased his holding to 188.43 million shares.
Propel Global is seeking shareholders’ approval for a diversification into property development after launching its first commercial project in Kuantan in June. The group said on Oct 14 that it expects property to account for over 25% of net profit moving forward.
For the financial year ended June 30, 2026, the group’s net loss widened to RM27.2 million, while revenue declined by almost 28% to RM80.4 million. Its shares ended unchanged at six sen on Oct 15, valuing the group at RM52 million.
