Friday 29 Mar 2024
By
main news image

SERI KEMBANGAN (Nov 29): Sapura Energy Bhd had today secured shareholders' approval for its proposed rights issue to raise up to RM3.98 billion to pare debt. The company said it had received institutional investors' support for the exercise.

Speaking to reporters after Sapura Energy's extraordinary general meeting (EGM) here today, group president and chief executive officer Tan Sri Shahril Shamsuddin said, "The EGM was very smooth, because of the solid backing from the institutional funds towards these exercises."

On Aug 24 this year, theedgemarkets.com reported that the oil and gas services provider had proposed a rights issue of new ordinary shares besides Islamic redeemable, convertible preference shares (RCPS-i) in the company to raise up to RM3.98 billion to reduce borrowings.

Sapura Energy was quoted as saying in a filing with Bursa Malaysia then, that the rights issue of up to 9.99 billion new ordinary shares at 30 sen each involves 998.69 million free warrants. Sapura Energy said the exercise will be undertaken on the basis of five rights shares for every three shares held and one warrant for every 10 rights shares.

Sapura Energy said the rights issue of up to 2.4 billion RCPS-i at 41 sen each is on the basis of two RCPS-i for every five shares held.

      Print
      Text Size
      Share