PETALING JAYA: GFM Services Bhd
has signed a conditional share sale agreement to acquire a 60% stake in Shapadu Energy Sdn Bhd for RM30mil in cash from Shapadu Corp Sdn Bhd, strengthening its presence in the oil and gas facilities maintenance (O&G FM) sector.
This acquisition builds on GFM’s 2023 purchase of Highbase Strategic Sdn Bhd, another O&G FM player.
Shapadu Energy, via its unit Shapadu CR Asia, holds a key turnaround maintenance contract with Pengerang Refining Co Sdn Bhd and Pengerang Petrochemical Co Sdn Bhd, a joint venture between Petroliam Nasional Bhd and Saudi Aramco at the Pengerang Integrated Complex (PIC).
With this deal, GFM will gain greater access to large-scale, complex projects at PIC, leveraging Shapadu Energy’s resources and expertise.
Upon completion in the second half of 2025, Shapadu Corp will retain the remaining 40%. The deal will be funded via internal resources and/or borrowings.
