Sapura Energy owners’ stake increase a good sign

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KUALA LUMPUR: Sapura Energy Bhd’s (pic) group chief executive officer (CEO) and a major shareholder’s move to raise their stakes in the Practice Note 17 (PN17) company is a positive sign for existing shareholders and the financially distressed oil and gas support service provider, according to BIMB Securities Research analyst Azim Faris Abdul Rahim.

“It shows they still have skin in the game to make sure Sapura Energy’s debt restructuring programme will be a success.