KUALA LUMPUR (Sept 26): Sapura Energy Bhd emerged as the most actively traded counter at mid-morning Wednesday, with over 31.09 million shares changing hands, after the group secured undertakings from its major  shareholders in respect of its RM4 billion cash call.

At 10.55am, the counter  fell 0.5 sen or 1.14% lower at 43.5 sen, giving it a market capitalisation of RM2.64  billion.

Yesterday, the company said that institutional investors such as 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.

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

This resulted in PNB having shareholdings of 40% of the post-rights enlarged share capital compared to now PNB has a 12.16% direct shareholding in Sapura Energy.

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.