Mokhzani no longer Sapura Energy substantial shareholder

Selling stakes: Mokhzani has been paring down his stake in Sapura Energy over the years.

PETALING JAYA: Tan Sri Mokhzani Mahathir has ceased to become substantial shareholder of Sapura Energy Bhd after selling almost 385 million shares in the company on Nov 7, a filing with Bursa Malaysia showed.

He would have netted RM578mil in proceeds from the share sale based on the stock’s closing price of RM1.50 on that day.

Last week StarBiz reported that Mokhzani was looking to sell off his entire 10.1% stake in Sapura Energy of 605 million shares. The shares are held by his British Virgin Islands registered private vehicle, Khasera Baru Ltd.

Mokhzani has been paring down his stake in Sapura Energy over the years.

Notably, in February 2014, four months before the collapse of crude oil prices, Mokhzani via Khasera Baru had sold 190.3 million shares in SapuraKencana Petroleum Bhd at a price of RM4.30 apiece. This gave them proceeds of RM820mil. Sapura Energy was formerly known as SapKen.

In 2013, Mokhzani and his business partner Datuk Yeow Kheng Chew, better known as K.C. Yeow, had also left the board of Sapura Energy. Last year, he exited Yinson Holdings Bhd, a company that operates floating production, storage and offloading vessels catering to the oil and gas industry.

That exit was via a restructuring exercise of Mokhzani’s company Kencana Capital Sdn Bhd.