SEB’s joint venture seeks financial aid of up to US$550m
Nylex confirms group MD held by MACC
KUALA LUMPUR: Seb Upstream Sdn Bhd (SUP), a joint venture (JV) company between Sapura Energy Bhd (SEB) and OMV Aktiengesellschaft (OMV AG), is seeking financial assistance of between US$350mil and US$550mil.
In a filing with Bursa Malaysia yesterday, SEB said US$350mil of the proceeds would be used to partially repay the amount owed by Sapura Upstream Sdn Bhd (SUSB) Group to SEB Group which amounted to US$890mil as set out in the subscription agreement.
“The remaining, if any, will be used for the working capital of SUP Group,” it said.
It added that SEB Group may also be required to provide corporate guarantees, undertakings and/or securities for 50% of the financing facilities to be obtained by SUP group.
On Nov 9, 2018, SEB formed the JV with Austria-listed industrial company OMV AG, through which it would raise up to US$975mil in proceeds, of which about US$720mil would be used to repay SEB Group’s debt.
Under the agreements inked on Nov 9, SEB would issue new shares amounting to 50% of the enlarged issued share capital of the newly-formed company, SUP, which will hold the entire stake in SUSB, to OMV AG’s wholly-owned subsidiary OMV Exploration and Production GmbH for US$625mil.
SEB will also receive US$350mil from SUSB Group as repayment of the outstanding amount to SEB and its subsidiaries. — Bernama PETALING JAYA: Nylex (Malaysia) Bhd has confirmed that its group managing director, Datuk Siew Ka Wei (pic), was held by the Malaysian Anti-Corruption Commission (MACC), but that its operations remain unaffected.
The MACC yesterday granted a four-day remand order involving Siew to help in its probe during his tenure as chairman of the Tourism Board of Malaysia.
In a separate statement, Ancom Bhd said its operations were unaffected following the arrest and remand of Siew, who is its executive chairman.
Nylex and Ancom convened emergency board meetings in the afternoon to assess the implications of the arrest on the groups’ operations, their shareholders and other stakeholders who may be affected directly and indirectly and to determine the possible course of action to be taken.
In the statements to Bursa Malaysia, the companies informed the shareholders and other stakeholders that their operations remained unaffected.
They also said the groups’ various operating units have been and are under the care of the various unit heads with proven track records. Nylex and Ancom’s share price closed down two sen each to 63 sen and 47 sen, respectively.