Kencana, SapuraCrest boards say ‘yes’ to merger

PETALING JAYA: The boards of directors of Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd have given the greenlight for both companies to merge.

Both companies, in separate announcements to Bursa Malaysia yesterday, said their boards had resolved to accept the offer made by special-purpose vehicle Integral Key Sdn Bhd (IKSB) to buy up the assets, liabilities and business undertakings of both companies, to be paid in cash and new shares in IKSB.