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Sapura Energy of Malaysia Is Both an Oil Company and an Offshore Service Provider and Seeks to Expand Its Global Business
In a statement released on Friday, Sapura Energy said it had proposed a rights issue as part of a broader strategic plan to strengthen the group’s core businesses, enhance its financial position, and create better value for its shareholders. “In addition to the rights issuance exercise, the Group is evaluating various options that may involve the listing of its E & P business and exploring a potential strategic partnership for the drilling business,” the company said. The company has a fleet of Tender Assist Drilling equipment.
The exercise implies raising up to RM 4.0 billion (US $ 973 million), of which up to RM 3.0 billion will be through the issuance of ordinary shares rights with free warrants and up to RM 1.0 billion through the issuance of redeemable convertible Islamic preference shares rights.
Shahril Shamsuddin, Chairman and CEO of Sapura Energy Berhad, said: “Sapura Energy is in a strong growth phase today, and we are determined to capitalize on emerging opportunities. The rights issue will allow us to strengthen our balance sheet and continue with our growth momentum, which includes bidding for and executing higher-value projects globally.”
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The company stated that the rights issue offered an opportunity for all shareholders to participate in the company’s capital potential “as it enters its current growth phase, which has seen significant successes.”
Seeking Shareholder Support
The Group is seeking participation for the exercise from all substantial shareholders and has since obtained letters of support from Sapura Technology Sdn Bhd (“Sapura Technology”) and Permodalan Nasional Berhad (“PNB”).
Sapura Technology, a direct shareholder holding 16%, expressed its intention to participate in the rights issuance for a minimum value of RM 300 million. Meanwhile, PNB indicated its support for the exercise, committing to subscribe to its rights and is looking to take up excess shares up to an agreed amount to be determined later.
The proposed rights issuance is subject to shareholder approval at an Extraordinary General Meeting to be convened later.
Sapura Energy stated that over the years, each of the Group’s three distinct businesses has grown considerably and established itself as a world-class player in their respective segments.
“Each of these business segments has different aspirations, capital requirements, and unique risk-reward profiles, which led to the strategic plan,” the company said.
“Our businesses have grown to such a scale that now is an opportune time for Sapura Energy to execute our strategic plan that will allow each of the companies to access the capital markets to pursue their growth aspirations and capitalize on the growth wave,” said Shahril Shamsuddin.
“Our goal is to further unlock the value of our businesses for our shareholders through a concerted effort to deleverage the Group, enhance our capital base, and ensure that our businesses are well-capitalized as they chart their growth path,” explained Tan Sri Shahril.
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