SAPURA Telecommunications Bhd is strengthening its presence in the oil and gas sector with the purchase of a controlling 38.56% stake in Crest Petroleum Bhd from Renong Bhd for RM105mil cash, or RM3.60 a share.
The transaction will trigger a mandatory general offer (MGO), which Sapura will undertake for the remaining shares it does not already own. The transaction value will rise to RM273mil should there be a full take-up rate.
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