ANWAR: SAPURA ENERGY’S RESCUE PLAN EXCLUDES FORMER SHAREHOLDERS

PUTRAJAYA, March 13 (Bernama) -- The Federal Government’s RM1.1 billion capital injection into Sapura Energy Bhd (SEB) did not benefit shareholders or SEB’s management, Prime Minister Datuk Seri Anwar Ibrahim said.  

He said SEB’s restructuring had removed previous major shareholders from management, and new professional leadership had been appointed to oversee the process.  

“The RM1.1 billion injection is solely for settling SEB’s debts with vendors, involving 2,000 local oil and gas SMEs, the majority of which are Bumiputera companies.  

“This funding is part of SEB’s restructuring and aims to support local workers who have gone unpaid for an extended period. It is also crucial for preserving the local oil and gas industry ecosystem,” he said in a statement on Thursday.  

Anwar, who is also Finance Minister, said an audit had been conducted, and additional due diligence would be required before finalising the restructuring and capital injection.  

“The findings of this due diligence will be shared with relevant enforcement agencies, including the Securities Commission Malaysia, to determine whether any action is warranted,” he said.  

He reiterated that the MADANI Government prioritises transparency and good governance.  

SEB’s restructuring had already secured creditor approval and undergone court proceedings, he added.  

Anwar stressed that the government’s injection was not a grant but an investment in restoring the strategic oil and gas ecosystem to support the country’s economy.

-- BERNAMA