MOF injects RM1.1 bil to settle Sapura Energy's debts

KUALA LUMPUR (March 11): Debt-laden Sapura Energy Bhd (KL:SAPNRG) has received a lifeline in the form of a RM1.1 billion investment from the Minister of Finance (Inc) through its special purpose vehicle Malaysia Development Holding Sdn Bhd (MDH).

In a filing with Bursa Malaysia on Tuesday, Sapura Energy said MDH will be subscribing to its redeemable convertible loan stocks worth RM1.1 billion, subject to certain conditions.

The monies have been earmarked exclusively for settling what Sapura Energy owes its vendors

part” of its restructuring that would see a capital injection of up to RM1.8 billion into the Sapura group through a subscription of redeemable convertible loan stock.

Last month, Sapura Energy, a Practice Note 17 (PN17) company, secured its creditors' approval for its proposed debt restructuring scheme involving Sapura Energy and its 22 subsidiaries to address RM10.8 billion owed to nine lenders of its multi-currency financing facilities and RM1.5 billion in outstanding trade creditor payments.

Following that, Sapura Energy also obtained the court's approval last Thursday for the debt restructuring plan.

The funding and court-approved debt restructuring plan form part of Sapura Energy’s regularisation plan, as the company works to exit its PN17 status and reposition itself for long-term growth.

“We are diligently working on a robust regularisation plan, which will bring us one step closer to exiting our status as a PN17 company,” Zamri said.

“We see Sapura Energy’s turnaround as part of the revitalisation of the Malaysian OGSE (oil and gas services and equipment) sector, ensuring it is better positioned to support the nation’s energy security and sustainability goals, ultimately contributing to Malaysia’s economic development,” he added.

Shares of Sapura Energy closed unchanged at 3.5 sen on Tuesday, with a market capitalisation of RM643.2 million.

For the first nine months of FY2025, Sapura Energy posted a net loss of RM342.96 million, compared to a net profit of RM213.18 million a year before, while revenue increased 10.6% to RM3.54 billion from RM3.2 billion.

As at end-October 2024, the group’s borrowings stood at RM10.73 billion. Trade and other payables totalled RM5.18 billion, while cash, deposits and bank balances stood at RM1.79 billion. Its accumulated losses increased slightly to RM17.53 billion from RM17.24 billion.

The group’s order book currently stands at RM6 billion, while its joint ventures hold an additional RM5.8 billion.

source

This post has been edited by Rorschach85: Mar 12 2025, 07:21 AM

there goes our tax payer money

Kerajaan prihatin...owai

i am wondering,

This post has been edited by Manuk1188: Mar 12 2025, 07:27 AM

Wow if only gov settle my debts too.

how nice

CEO thanks you for the new private jet and bigger salary

👀🍟🍿🍷🤭😂

This is how type m do business, it’s real nice, can’t wait to see bankruptcy news in 2 years.

This company is like a zombie.... hidup segan mati tak mahu. Should just be put out of their misery.

Dafug

Who approval to inject and on what basis to inject into a sinking ship?

MOF and PM must explain the rational..oh wait orang yg sama

Bitter truth. Govt didn't even help air Asia..

Next on list : MAS

Hari ni inject, esok gaji CEO naik 50k sebulan. Because they know government will help them again.

Madefaka stop bailing out cronies la.. dcking waste of taxpayers money…

Investing in loss making company

Watdaphuck

bestnya kompeni orang kito, kalau rugi mof kasi settle

untung, semua saya punya

Revenue increased but still making loss.

of course inject.. major shareholder is PNB at 41%

in 2022
sos

liability more than revenue..how?

Tongkat is real