SapuraKencana Petroleum Bhd is Malaysia’s pride in the oil and gas sector. The company is the result of a merger between SapuraCrest and Kencana Petroleum, two very successful operators in their own right.
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.
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.