VENDORS RECEIVE PAYMENTS FROM GOVT INVESTMENT IN VANTRIS ENERGY -- AMIR HAMZAH

KUALA LUMPUR, Feb 26 (Bernama) — More than 1,400 local vendors have received payments following the government’s RM1.1 billion investment in Vantris Energy Bhd, said Finance Minister II Amir Hamzah Azizan.

He said the Vantris Energy (formerly Sapura Energy) ecosystem involves more than 59,000 workers who depend directly or indirectly on the company’s vendor network. Therefore, the redeemable convertible loan stock (RCLS) subscription approach has helped save local vendors affected by the financial situation.

According to him, the government, through Malaysia Development Holding Sdn Bhd (MDH), has set a condition that the investment could only be used to settle outstanding liabilities owed to local service providers in Malaysia’s oil and gas sector. MDH is a Finance Ministry unit.

“That condition does not benefit any Vantris Energy shareholders or existing financial creditors,” he said when winding up the debate on the Supplementary Supply (2025) Bill 2026 in the Dewan Rakyat today.

Amir Hamzah said the government wants to ensure that the affected company’s ecosystem is safeguarded via the support provided to preserve the oil and gas industry ecosystem.

Additionally, among the measures taken was a change in the board composition with the appointment of a new chairman and three new board members to strengthen oversight effectiveness, enhance diversity of expertise, and reinforce checks and balances at the board level.

In August 2025, Vantris Energy announced that MDH would subscribe up to RM1.1 billion in RCLS as part of fundraising efforts.

The proceeds were to settle outstanding payments to Malaysian oil and gas vendors, reaffirming the group’s commitment to its ecosystem.

— BERNAMA