<article>Malaysian oil and gas firm <a href="https://www.dealstreetasia.com/?s=Sapura Energy Bhd" target="_blank" rel="noopener">Sapura Energy Bhd</a> said it was looking to raise 4 billion ringgit ($974.42 million) through a proposed rights issue to strengthen its core businesses and boost its financial position.</article>

Malaysian oil and gas firm <a href="https://www.dealstreetasia.com/?s=Sapura Energy Bhd" target="_blank" rel="noopener">Sapura Energy Bhd</a> said it was looking to raise 4 billion ringgit ($974.42 million) through a proposed rights issue to strengthen its core businesses and boost its financial position.
The company will raise 3 billion ringgit through a rights issue of ordinary shares with free warrants and the remainder through rights issue of Islamic redeemable convertible preference shares, its said in a statement on Friday.
Sapura Energy, which has a market value of $870.44 million, said it has secured letters of support from major shareholders Sapura Technology Sdn Bhd and government-linked asset manager Permodalan Nasional Bhd (PNB) to participate in the fundraising.
Sapura Technology has said it will participate for a minimum amount of 300 million ringgit, while PNB has committed to subscribe to its entitlement and could take up excess shares up to an amount to be determined later.
Sapura Technology has a 16 percent equity interest in Sapura Energy, according to the statement. PNB has about an 11 percent stake, Thomson Reuters data shows.
The integrated oil and gas group also said it was looking at options for listing its exploration and production business as well as strategic partners for its drilling business.
&#8220;Our businesses have grown to such a scale that it is now an opportune time for Sapura Energy to execute our strategic plan that will allow each of the businesses to have access to capital markets to pursue their growth aspirations,&#8221; President and Group CEO Shahril Shamsuddin said in the statement.
The group said it was actively looking to expand in key regions such as the Middle East, Africa, Latin America, Caspian and Mediterranean as well as South East Asia and Australia.
The group&#8217;s order book has increased to 16.7 billion ringgit since the start of the financial year, aided by contracts across Mexico, Brazil, India, Australia and Malaysia, it added.
Reuters

Sapura Energy Bhd looking to raise $974.42 million through a proposed rights issue to strengthen its core businesses and boost its financial position.

Malaysia's Sapura Energy seeks to raise $974m to boost growth

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Malaysia's Sapura Energy seeks to raise $974m to boost growth

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