KUALA LUMPUR: CIMB Equities Research upgraded PETRA PERDANA BHD [] from Neutral to OUTPERFORM, with the re-rating catalysts being a more dynamic board, delivery of new vessels, and improved vessel utilisation rate.
The research house was positive about the new management team in charge of Petra Perdana after the 11 shareholders and senior management removed four directors, including CEO and executive chairman Tengku Datuk Ibrahim Petra, after securing 57% of the votes.
"This outcome is favourable to minority shareholders. We expect a new board of directors to be formed soon whose first task will be to ensure smooth operations after months of wrangling," it said on Friday, Feb 5.
CIMB REsearch with the new board in place and the return of key personnel after three weeks of suspension from work, it should be business as usual for Petra Perdana, notwithstanding possible further action by Tengku Ibrahim Petra