Engineering heavyweight Worley (ASX:WOR) witnessed an over 11% dip in its share price after major investor Sidara sold 19% of its stake, news that impacted the company’s market value by almost $1 billion.
Worley says it understands that Sidara sold the 19% stake by way of an underwritten block trade this morning (30 April 2024).
Shares slid to an intra-day low of $14.46 from the previous day’s close of $16.31.
The sale is estimated to have netted Sidara $1.6 billion.
Since the news hit headlines this morning, over 106.7 million shares in Worley have been traded.
Worley CEO Chris Ashton says the company appreciates the support of continuing shareholders who have invested more in its future and welcomes the new shareholders joining the register following Sidara’s block trade.
Australia-headquartered Worley, which has a market capitalisation of $8.6 billion, was founded in 1971 and now has operations spanning 45 countries offering services to the energy, chemicals and resources sectors.
Write to Angela East at Mining.com.au
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