KUALA LUMPUR: SapuraCrest Petroleum Bhd (SapuraCrest) and Kencana Petroleum Bhd (Kencana) have received an offer by a special purpose vehicle, Integral Key Sdn Bhd (Integral Key), to merge and create one of Malaysia’s largest integrated oil and gas services provider in a deal worth RM11.85 billion.
Integral Key, wholly-owned by Mayban Ventures Sdn Bhd, had offered to buy the entire business and undertakings of SapuraCrest, including its assets and liabilities for RM5.872 billion or RM4.60 per share of RM0.20 each.
It had also offered to buy Kencana’s business for RM5.979 billion or RM3 per share of RM0.10 each. The offer would be valid until this August 15 at 5pm.
The merger would create a full-fledged integrated oil and gas service provider with strong delivery capabilities across the value chain.
“The merged entity will be in a strong position to undertake larger and more complex projects, thus significantly improving business prospects,” Integral Key said in separate statements to Bursa Malaysia yesterday.
Integral Key, whose directors are Khoo Teng Guan and Noreen Melini bte Muzamli, said the proposed merger would help to realise the objectives set out under the Economic Transformation Programme.
Upon completion of the merger exercise, both Sapura and Kencana would be delisted from the main board of Bursa Malaysia. — Bernama