PETALING JAYA: The much speculated takeover of Perdana Petroleum Bhd
by Dayang Enterprise Holdings Bhd will mark the beginning of consolidation in the oil and gas space, which has been shaken by the oil price crash since last June.
In the Dayang-Perdana case, although no formal announcement has been made yet, analysts opine that Dayang, which is flush with cash from a recent fund-raising exercise, is drawn to Perdana partly because of the latter’s battered down share price, which has fallen by around 32% to RM1.33 since last June, giving it a price/earnings (PE) multiple of 10.5 times 2016 estimate earnings.
