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SAPURA Telecommunications Bhd is strengthening its presence in the oil and gas sector with the purchase of a controlling 38.56% stake in Crest Petroleum Bhd from Renong Bhd for RM105mil cash, or RM3.60 a share.
SAPURA Telecommunications Bhd's (Sapura) search for a meaningful core business is finally over with its recent acquisition of a 38.56 per cent stake in Crest Petroleum Bhd, a company whose mainstay is in offshore drilling, marine installations and marine construction.
SAPURA Energy Sdn Bhd, which is venturing into Myanmar and Thailand this year, expects its overseas ventures to make a significantly higher contribution to its revenue for the financial year ending Jan 31, 2004.
CREST Petroleum Bhd will be acquiring a new US$70mil self-erecting tender-assisted drilling rig and taking over management control of its offshore drilling joint ventures with Norwegian-owned regional drilling contractor Smedvig Asia Ltd as part of a corporate rationalisation exercise.
SAPURA Group expects to complete its restructuring exercise by the end of this year, its president and chief executive officer Datuk Shahril Shamsuddin said.
The three CEOs we feature today are entrepreneurs who have carved a name for themselves in their respective businesses. They are Datuk Shahril Shamsuddin of the Sapura group of companies, Datuk Kevin Tan of TSH Resources Bhd, and Datuk Lim Kim Hong of I-Berhad.