SapuraCrest(RM1.55)-BUY!

Seadrill continue to increase its shareholding from 17.4% to 18.5%. SapCrest-WA currently traded at 1.6% discount to the mother (RM0.825+ex-price of RM0.71=RM1.535). The WA expiring on 18 Feb 2009, exercisable on 1:1 ratio. As oil price close at US$117 this morning, ppl will continue to favour O&G players.