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Malaysia's Sapura Energy Plans $974 mln Fundraising to Boost Growth

Source: Reuters 8/24/2018, Location: Asia

Malaysian oil and gas firm Sapura Energy said it was looking to raise 4 billion ringgit ($974.42 million) through a proposed rights issue to strengthen its core businesses and boost its financial position.

The company will raise 3 billion ringgit through a rights issue of ordinary shares with free warrants and the remainder through rights issue of Islamic redeemable convertible preference shares, its said in a statement.

Sapura Energy, which has a market value of $870.44 million, said it has secured letters of support from major shareholders Sapura Technology Sdn Bhd and government-linked asset manager Permodalan Nasional Bhd (PNB) to participate in the fundraising.

Sapura Technology has a 16 percent equity interest in Sapura Energy, according to the statement. PNB has about an 11 percent stake, Thomson Reuters data shows.

The integrated oil and gas group also said it was looking at options for listing its exploration and production business as well as strategic partners for its drilling business.

'Our businesses have grown to such a scale that it is now an opportune time for Sapura Energy to execute our strategic plan that will allow each of the businesses to have access to capital markets to pursue their growth aspirations,' President and Group CEO Shahril Shamsuddin said in the statement.

The group said it was actively looking to expand in key regions such as the Middle East, Africa, Latin America, Caspian and Mediterranean as well as South East Asia and Australia.

The group's order book has increased to 16.7 billion ringgit since the start of the financial year, aided by contracts across Mexico, Brazil, India, Australia and Malaysia, it added.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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