PETALING JAYA: Sumatec Resources Bhd has proposed to acquire oil and gas (O&G) company Markmore Energy (Labuan) Ltd (MELL) for US$370mil (RM1.55bil) to enhance its earnings from oil production.
In conjunction with the proposed acquisition, Sumatec also planned to undertake several corporate exercises including balance sheet reconstruction, equity fundraising and debt settlement to address all the financial issues it currently faces.
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