BRIGHTOIL (933 : HK) Sector: SERV    
Chairman resumes buying Brightoil Petroleum (933.HK) on 18% rebound
Chairman & CEO Sit Kwong Lam picked up where he left off in oil & gas exploration firm Brightoil Petroleum (Holdings) Limited (933.HK) [MKT CAP 23.7B] in July with 5.5 million shares purchased from September 29 to October 6 at an average of $2.35 each [AI SCORE 2.2; 3MTH +31%(41%)/6MTH +63%(39%) 115 BUYS-2008]. The trades, which accounted for 33% of the stock's trading volume, increased his holdings to 7.299 billion shares or 71.82% of the issued capital. The purchases were made on the back of the 18% rebound in the share price since September 5 from $1.99. The acquisitions were also made after the Company announced on September 26 a 39% drop in YE profit attributable to shareholders to $844 million for the 12 months to 30 June 2016. The Chairman previously acquired 39.6 million shares from June 10 to July 27 at $2.53 to $2.32 each or an average of $2.37 each, 10.4 million shares from April 27 to May 24 at $2.59 to $2.30 each or an average of $2.37 each and 43 million shares from January 6 to March 29 at $2.60 to $1.92 each or an average of $2.17 each. Prior to his purchases this year, Mr. Sit acquired 9.69 million shares in December 2015 at $2.18 to $2.53 each or an average of $2.27 each and 41.5 million shares from May to July 2015 at $2.33 to $3.41 each or an average of $2.70 each. Prior to his purchases since 2015, the Chairman acquired 34.25 million shares from March to April 2013 at $1.40 to $1.51 each or an average of $1.45 each, $58 million worth of shares from September to October 2009 and $12.4 million worth of shares in October 2008. The stock closed at $2.29 on October 13 (Asia Insider News Oct 12, 2016).
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