Sona Petroleum Bhd shares and warrants increased in early trading today on speculations that it is looking to buy a
stake in Singapore-listed RH Petrogas Ltd.

RH Petrogas is controlled by Sarawak tycoon Tan Sri Tiong Hiew King, who is also chairman of the oil and gas company.

As of 10.43am, Sona Petroleum gained 1.5 sen to 45 sen, with 21.72 million shares transacted, while its warrants were up one sen to 28.5 sen, with 69.13 million shares changing hands.

Based on a news report, Sona Petroleum could be buying a stake in RH Petrogas via a placement of shares, and acquiring some of its assets, which are offshore oil and gas blocks.

Sona Petroleum wants to acquire 10 per cent share placement in RH Petrogas as the latter is looking to raise US$60 million for capital expenditure.-- Bernama