Short Position
Who’s buying into Barakah?
THE forced selling of Barakah Offshore Petroleum Bhd shares continued with another 10 million off-loaded in the open market at about 9.5 sen.
The shares belonged to Nik Hamdan Daud, who stepped down as chief executive of Barakah earlier this week. Nik Hamdan still has another 31.2% of Barakah amounting to 262.8 million shares, meaning there is a lot more forced selling to be done at Barakah.
The question is, who is buying the shares of the company that was saddled with debts of RM335.6mil as of December last year?
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