Swiber Holdings - Insider Activities

Swiber Holdings
Published by BT on 8 Sept 08

Offshore engineering, procurement, construction, installation and commissioning (EPCIC) contractor Swiber Holdings bought back shares for the first time since listing in November 2006 with 200,000 shares purchased on Sept 5 at $1.32 each.

The initial buyback was made on the back of the 59 per cent fall in the share price since the second half of May from $3.20.

There were sales by two substantial shareholders prior to and during the price fall.


JPMorgan Chase sold a net 8.1 million shares from April 4 to June 9 at estimated prices of $2.53 to $2.64 each, which lowered its deemed stake by 22 per cent to 29.5 million shares or 6.9 per cent.

The group also sold 700,000 shares in November 2007 at an estimated price of $3.40 each.

Prior to the disposals since November 2007, the fund manager acquired 7.4 million shares from July 10 to 20, 2007 at estimated prices of $3.22 to 3.32 each.

JPMorgan became a substantial shareholder on July 9, 2007 following the purchase of 20.4 million shares at $2.19 each, which raised its interest by 195 per cent to 7.3 per cent.

Pang Yoke Min, on the other hand, unloaded 4.9 million shares from May 14 to 16 at estimated prices of $2.85 to $3.08 each, which reduced his deemed holdings to 54.7 million shares or 12.9 per cent.

He previously reported an initial filing in September 2007 of 38.8 million shares at $2.62 each, which raised his interest from 4.9 per cent to 14.1 per cent.

The stock closed at $1.31 on Friday.