Sapura Energy set for regularisation plan

The company said that under its reset plan, there would be a focus on improving bidding and project delivery capabilities.

PETALING JAYA: Sapura Energy Bhd (SEB) is finalising a regularisation plan to exit the Practice Note 17 (PN17) status that includes a few corporate exercises to put the company on a stronger financial and operational standing.

The company said in a statement that the plan would be finalised soon and includes a fund-raising initiative in which the Finance Ministry through Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to fund its repayment to vendors.