CIMB Research retains Add for Unisem but lowers target price
KUALA LUMPUR: CIMB Equities Research is retaining its Add rating for semicon company Unisem but cut its target price from RM3.60 to RM2.50 due to the weak investor sentiment and rising market volatility.
KUALA LUMPUR (Oct 21): Petroliam Nasional Bhd (Petronas) said on Sunday its subsidiary would buy a 10% stake in Oman's Al Khazzan gas field, following a bidding exercise held by the exploration arm of state-owned Oman Oil Company.
The Petronas unit, PC Oman Ventures Ltd, would acquire the stake in Block 61 of the field, which is expected to produce around 1.5 billion cubic feet of natural gas per day by 2020.
"Completion of the transaction is subject to closing conditions," Petronas said in a statement.