SapuraCrest and Kencana Petroleum have carried out a merger plan through a joint listing on Malaysian bourse that has created a 10 billion ringgit ($3.2 billion) Malaysian outfit with sufficient bulk to compete with the world's top integrated oilfield services providers
SapuraKencana Petroleum Bhd will list on May 17 with a reference price of 2.30 ringgit per share, paving the way for the country's biggest oil and gas services merger.
SapuraCrest president Shahril Shamsuddin and Kencana Petroleum Chief executive Mokhzani Mahathir have been the poster-boys of Malaysia's contracting sector since the merger of two leading Malaysian offshore players was announce last year
The proposed merger between Kencana and SapuraCrest Petroleum Berhad is on track to being listed in the 1Q 2012 pending regulatory approvals, following the 99.8% approval vote by Kencana Petroleum Berhad’s shareholders.
The boards of SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd have agreed to their merger to become one of the world’s largest oil and gas service providers in terms of market capitalisation and assets.