Quick take: Sapura Energy up 6% on talks to refinance debt

KUALA LUMPUR: Sapura Energy Bhd saw its shares rose over 6% in early trade after the company said it is currently in discussion with banks to refinance borrowings.

The oil and gas support services provider added 6.67%, or 0.5 sen to eight sen. It is one of the most heavily traded counters on Bursa Malaysia with with 18.8 million shares done.

Sapura Energy said it was currently in discussions with banks to refinance its borrowings and that these lenders are supportive of the company’s refinancing plans.

Sapura Energy representative said the company expects to complete the refinancing exercise this year, according to a news report by an English financial daily.

"Yes, we are in discussion with our relationship banks on a refinancing of our borrowings. This has always been our plan, post completion of the rights issue and strategic partnership with OMV last year, where we had successfully reduced our borrowings,” the representative was quoted as saying.

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