Sapura Energy slides after RM4bil cash call

Raising capital: Sapura Energy says it will raise RM3bil through the rights issue of ordinary shares and RM1bil through the rights issue of Islamic redeemable convertible preference shares.

Rights issue is part of a broader strategic plan that may involve listing of its exploration and production arm

Sapura Energy Bhd saw a massive selldown of its shares after the company announced a cash call to raise up to RM4bil to support its future growth strategy.