Sapura Energy Berhad has received shareholders approval for the 50:50 strategic partnership with Austria’s OMV Aktiengesellschaft. The group said the proposal was passed with 99.98% of the votes in favour at the extraordinary general meeting.

Sapura Energy Bhd has “successfully” raised about RM4 billion from its rights issue that closed on Jan 16, though the rights issue of new ordinary shares sweetened by free warrants under the exercise was undersubscribed. The cash call also involved a rights issue of Islamic redeemable convertible preference shares (RCPS-i).

Sapura Energy Bhd has achieved its target to raise at least RM4bil from its rights issue exercise, even as some shareholders chose not to subscribe their portion of the shares. The rights share offerings that came with free detachable warrants were 81.5% subscribed. For its Islamic redeemable convertible preference shares, the group saw 100% valid acceptances.

As part of the cover story – Fixing the Economy – for its year-end edition, The Edge asked a select group – a minister, a former minister, a banker, economists and business leaders – for their views on the outlook for 2019. Our President and Group CEO, Tan Sri Shahril Shamsuddin, shared his thoughts on the challenges and policy expectations. Below is his opinion piece in full.

SEB Upstream Sdn Bhd (SUP), a joint venture between Sapura Energy Bhd and OMV Aktiengesellschaft (OMV AG), plans to obtain financing facilities from local and foreign financial institutions and/or its Austrian partner for between US$350 million (RM1.46 billion) and US$550 million (RM2.29 billion) to repay part of its debt and for working capital.

Integrated oil and gas group Sapura Energy Bhd has been awarded four new contracts and one extension with a combined value of RM760 million. The jobs involve three drilling contracts and two contracts for the engineering and construction (E&C) segment, the group said today.