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Sapura Energy to reap US$975 mln proceeds in partnership deal

Last update: 09/11/2018
 

KUALA LUMPUR, Nov 9 (Bernama) -- Sapura Energy Bhd (SEB) has formed a strategic partnership with Austria-listed industrial company OMV Aktiengesellschaft (OMV AG), through which it will raise up to US$975 million (RM4.06 billion) in proceeds, said SEB President and Chief Executive Officer Tan Sri Shahril Shamsuddin.

Under the agreements inked today, SEB will issue new shares amounting to 50 per cent of the enlarged issued share capital of newly-formed company SEB Upstream Sdn Bhd (SUP) – which will hold the entire stake in Sapura Upstream Sdn Bhd – to OMV AG's wholly-owned subsidiary OMV Exploration & Production GmbH for US$625 million, and also receive US$350 million from the Sapura Upstream group as repayment of an amount owing to SEB and its subsidiaries.

Shahril said of the total proceeds, US$890 million would be secured initially following the completion of the deal, expected to be on Jan 31, 2019.
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