KUALA LUMPUR (Sept 25): Sapura Energy Bhd said it has secured undertakings from its major shareholders in respect of its RM4 billion cash call.

It said Permodalan Nasional Bhd (PNB) — along with its associated funds — will subscribe to its full entitlement rights shares with warrants, and also excess shares with warrants not taken up, resulting in PNB having shareholdings of 40% of the post-rights enlarged share capital.

In addition, PNB has undertaken to subscribe in full to the Islamic redeemable convertible preference shares.

"Upon completion of the rights issue, PNB may emerge as the largest single shareholder," Sapura Energy said in a statement today. PNB currently has a 12.16% direct shareholding in Sapura Energy.

"We are appreciative of PNB's readiness to embark on our next phase of growth and its confidence in our prospects for the future against the backdrop of improving industry conditions," said Sapura Energy's president and group chief executive officer Tan Sri Shahril Shamsuddin.

Meanwhile, Sapura Technology Sdn Bhd (STSB), a direct shareholder with a 15.9% stake, will subscribe to the rights issue for a minimum amount of RM300 million, said Sapura Energy.

This is expected to result in STSB's stake falling to 12.22%.

Sapura Energy said the group had implemented a strategic plan to strengthen its core businesses, boost its financial position and create better value for its shareholders.

The group had recently entered into an exclusive negotiation with a major Austrian oil and gas company, OMV AG. The partnership will result in OMV AG acquiring 50% of Sapura Energy's upstream business.

"Our joint venture with OMV AG will enable us to further expand our global footprint, build our acreage position, create further opportunities for our services segment and develop local talent," said Shahril.

Sapura Energy shares closed one sen or 2.33% higher at 44 sen today, giving the group a market capitalisation of RM2.64 billion.