Bumi Armada’s debt still poses a challenge

Loan from billionaire Ananda Krishnan(pic): Last month, Bumi Armada saw Ananda injecting US$75mil (RM314mil) into the group in the form of a loan. The move has also been seen as a vote of confidence by the company’s major shareholder, which, in turn, has boosted investor confidence in the stock.

ON Tuesday afternoon, something unexpected happened in the trading of oil and gas (O&G) outfit Bumi Armada Bhd.

The Main Market-listed company, whose shares had doubled in the previous six weeks, experienced a major selldown.