RM1.1bil investment a strategic move towards sustainability, says Fahmi
PUTRAJAYA: The RM1.1bil government investment into Sapura Energy Bhd is not a bailout but a strategic investment towards sustainability, says government spokesman Datuk Fahmi Fadzil.
This follows Sapura Energy’s announcement that government-owned investment company Malaysia Development Holding Sdn Bhd (MDH) would subscribe to its redeemable convertible loan shares, as stated in a filing with Bursa Malaysia on Tuesday.
Fahmi, also Communications Minister, said the investment would be used to settle debts owed to 2,000 vendors, 80% of which are bumiputra-owned.
He added that this investment was very different from those made by previous administrations, noting that the government had set key conditions for Sapura Energy to meet before the investment was made.
He also said the ministry would closely monitor Sapura Energy’s debt repayment process to ensure the company was transitioning towards a more sustainable model.
“We will maintain a Madani approach to this process, meaning this is not a free lunch.
“Management within Sapura Energy has changed accordingly, with a new chief executive officer and team, which we hope will help the company transition to become more sustainable.
“From a strategic perspective, we want Sapura Energy to continue playing its key role in our oil and gas industry,” Fahmi told a press conference at the Communications Ministry office here yesterday.
On another matter, Fahmi said the difference in compounds issued to Maestra Broadcast Sdn Bhd, comedian Harith Iskander and social media user Cecelia Yap is due to different legal representation, not religious reasons.
He said Maestra was issued a RM250,000 compound under Section 233 of the Communication and Multimedia Act 1998 (CMA 1998) as the company was held responsible for the actions of its DJs.
This comes after radio station Era FM, operated by Maestra, posted a controversial video of its DJs mocking the Hindu religion on multiple social media platforms earlier this month.
Meanwhile, Fahmi said Harith and Yap were charged as individuals with each being fined RM10,000 under the same Section 233 of the CMA 1998 in March for uploading offensive content involving Islam on Facebook back in January.
“Maestra was made to take responsibility for its DJs’ actions which is why its compound is higher.
“Harith and Yap were charged as individuals who committed the offensive acts. Hence, why they were fined less,” he said.
He added that Harith and Yap’s fines were lower due to both of them being investigated before the revised increased penalties, under the amended CMA 1998, were passed in February this year.
Based on the current amended law, the maximum court-imposed fine for offences can be up to RM500,000 while compounds can be issued to a maximum of RM250,000.
On Meta, X and Google, Fahmi said the tech giants have yet to obtain their Application Service Provider (ASP) class licence despite it being almost three months since it became mandatory for all social media platforms on Jan 1.
He also said that Meta wanted to conclude its planned meeting with the Malaysian Communications and Multimedia Commission (MCMC) before finalising its procedure to obtain a social media licence.
