PETALING JAYA: Three major banks have announced the issuance of new shares and redeemable convertible unsecured Islamic debt securities (RCUIDS) in Vantris Energy Bhd as part of the latter's restructuring scheme.
In a filing with Bursa Malaysia. Malayan Banking Bhd
(Maybank) stated that it and wholly-owned unit, Maybank Islamic Bhd, have been issued a total of 462.45 million new ordinary shares in Vantris and 498.48 million RCUIDS in Vantris as part of the settlement terms of certain outstanding liabilities owed by Sapura TMC Sdn Bhd, a wholly-owned subsidiary of Vantris. The share issue will see Maybank have a deemed interest of 20.27% in Vantris.
In a separate filing RHB Bank Bhd stated its unit, RHB Islamic Bank Bhd, has been issued 164.56 million new ordinary shares in Vantris at an issue price of 80 sen each together with 177.39 million RCUIDS, which are convertible on the basis of one RCUIDS for every one settlement share as part of the settlement terms of the liabilities owing by Vantris and its group of companies to RHB Islamic Bank. The share issue will see RHB hold an indirect 7.21% stake in the oil and gas company.
CIMB Group Holdings Bhd, meanwhile, stated its subsidiaries, CIMB Bank Bhd and CIMB Islamic Bank Bhd, have been issued a total of 208.93 million and 67.7 million new ordinary shares in Vantris, respectively, together with 225.21 million and 73 million RCUIDS each. CIMB Group will have a deemed share interest of 12.13% in Vantrix as a result.
