PETALING JAYA: Bumi Armada Bhd shares were down after investors digested the news that the company has refinanced its debts. The counter fell 2.5 sen or 9.26% to 24.5 sen by the end of the trading day on a volume of 482.5 million shares. While we have adjusted our forecasts in tandem, we still require key guidance on detailed action on timeline and earnings plans to fulfill the conditions of the refinanced loans,” UOB Kay Hian said. “We are still concerned about the group’s long-term ability to repay the loans until it secures material contracts to replenish its subsea vessels,” it added. UOB Kay Hian retained its “sell” call on BAB but raised its target price to 16 sen from nine sen.

Source: The Star April 26, 2019 00:22 UTC