“The debt refinancing is good news because Bumi Armada has escaped liquidation, but this doesn’t change the balance sheet. In FY18 ended Dec 31, Bumi Armada recorded a net loss of RM2.3bil on the back of a total revenue of RM2.42bil. Ananda Krishnan is the controlling shareholder of Bumi Armada, holding a 34.87% stake via Objektif Bersatu Sdn Bhd. As a result of the corporate debt refinancing exercise, Bumi Armada emerged as Bursa Malaysia’s most active stock yesterday. According to Bloomberg data, only two research houses have recommended a ”buy” call on Bumi Armada, while seven brokerages have recommended a “sell” call.

Source: The Star April 25, 2019 00:33 UTC