SEB said a dedicated shareholders’ help desk will be set up from July 15 to assist with queries regarding the proposed regularisation plan.
KUALA LUMPUR: Sapura Energy Bhd
(SEB) will convene an EGM on July 30, 2025, for shareholders to vote on its proposed regularisation plan aimed at restoring the company’s financial health and exiting Practice Note 17 (PN17) status.
In a filing with Bursa Malaysia, SEB outlined four key components of the plan, which include capital reconstruction, debt restructuring, fundraising, and a proposed exemption for Malaysia Development Holding Sdn Bhd (MDH) and its partners from making a mandatory general offer.
Additionally, SEB said the capital reconstruction exercise involves a 99.99% reduction and a 20-to-one share consolidation but neither exercise will affect the percentage shareholding of existing shareholders.
Furthermore, the company also plans to reduce its borrowings from RM10.8bil to RM5.6bil under the debt restructuring proposal, which is expected to cut annual interest costs by 60% or more than RM500mil.
Meanwhile, MDH will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to help settle outstanding vendor payments in the local oil and gas ecosystem.
The final component of the plan seeks to exempt MDH and its persons acting in concert from making a mandatory offer should they fully convert their RCLS.
SEB said a dedicated shareholders’ help desk will be set up from July 15 to assist with queries regarding the proposed regularisation plan.
With shareholders’ approval, the company aims to strengthen its equity position, improve liquidity and contract execution, restore market credibility, and eventually apply to exit its PN17 status upon recording two consecutive quarters of profit post-restructuring. — Bernama
