PNB may become largest shareholder in Sapura Energy post-rights, KWAP to take up its portion

PETALING JAYA: Sapura Energy Bhd announced yesterday that Permodalan Nasional Bhd (PNB) and its associated funds will take up their rights issue entitlement and mop up excess shares and warrants, which may result in PNB Group holding 40% of the oil and gas company.

Although Sapura Energy did not mention Kumpulan Wang Persaraan (KWAP) in its announcement, the CEO of the country’s second largest pension fund, Datuk Wan Kamaruzaman Wan Ahmad, told SunBiz that KWAP will subscribe to its entitlement only.

KWAP is Sapura Energy’s third largest shareholder with a 6.868% direct interest.

PNB Group will also subscribe in full to the RCPS-i of RM1 billion. PNB Group may emerge as the single largest shareholder after the rights issue and it will seek an exemption from making a mandatory general offer.

Sapura Technology Sdn Bhd, a direct shareholder, will subscribe to the rights issue for a minimum amount of RM300 million as announced earlier.

PNB currently holds a 12.6% interest in Sapura Energy and Sapura Technology, 15.9%.

Maybank Investment Bank and Credit Suisse will underwrite any remaining open portion of rights shares not taken up by shareholders.

“We are appreciative of PNB’s readiness to embark on our next phase of growth and its confidence in our prospects for the future against the backdrop of improving industry conditions,” Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said in a statement.