Velesto Energy is trading 5.3% down today at MYR 0.27 after the company announced the termination of its US$63 million (RM257 million) sale of the Naga 3 jack-up drilling rig.
- The cancelled rig sale is viewed as a "major setback" by BIMB Research and a "slightly negative" development by CIMB Securities.
- This termination removes a potential special dividend catalyst for shareholders.
- The decline today also follows a period of recent gains and positive analyst reratings in early July.