Second Dragon investor indicates intention to sell

Investment company, Belle Corporation, based in the Philippines, is trying to offload its 18.8 per cent shareholding in Dragon Oil. This follows the decision of Satellite Overseas, the investment company controlled by Mr Arigin Panigor, Dragon's chairman, to sell its 46.3 per cent stake. If an offer is received for these holdings, it will trigger a bid for the whole company. Belle has told its shareholders that it intends to dispose of its stake, but only when its value can be optimised. The timing of the disposal, Belle said, would be considered as part of the previously announced strategic review, currently being undertaken. Dragon's finance director, Mr Graeme Thomson, said the proposed disposals reflect the weakness of the oil market and the push for Asian investors to turn assets into cash.