Aussie engineering firm Worley's top shareholder sells 19% stake, shares plunge (updated)

Worley

30/04/2024 02:12

(Adds details on stake sale, CEO quotes and share movement from
paragraph 2-6)
       April 30 (Reuters) - Worley  WOR.AX  said on Tuesday its
top shareholder, Dubai-based engineering and consulting firm
Sidara, had sold about 19% stake in a block trade, sending the
Australian engineering firm's shares more than 11% lower.
    As per Reuters' calculation, the stake sale is worth A$1.63
billion ($1.07 billion) based on Worley stock's last closing
level of A$16.310.
    "We appreciate the support of continuing shareholders who
have invested more in our future and welcome the new
shareholders who will join our register following Sidara's block
trade," Worley CEO Chris Ashton said in an exchange filing.
    Worley's exchange filing did not provide any further details
on the stake sale.
    Sidara, formerly known as Dar Group, did not immediately
respond to a Reuters request for details on the block trade. 
    Worley shares fell as much as 11.3% to A$14.460, marking
their worst day since February 2021. More than 53 million shares
had traded as at 0041 GMT, more than 60 times the monthly
average volume. 

($1 = 1.5244 Australian dollars)

    

 (Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi
Aich)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar;))