Latest news with #MuhammadZamri
The Star
01-08-2025
- Business
- The Star
Sapura Energy renamed Vantris Energy after shareholders' nod
Vantris Energy group chief executive officer Muhammad Zamri Jusoh KUALA LUMPUR: Sapura Energy Bhd has changed its name to Vantris Energy Bhd, following approval at an extraordinary general meeting held on July 30, 2025. In a separate extraordinary general meeting on July 30, shareholders also approved the company's proposed regularisation plan (PRP), a key step in its financial and operational turnaround. In a statement, it said the new name takes effect on Aug 1, following the issuance of a Certificate of Incorporation on Change of Name by the Companies Commission of Malaysia. 'The idea for the name came from our own people - we received over 200 submissions and Vantris Energy emerged as the top choice,' Vantris Energy group chief executive officer Muhammad Zamri Jusoh said. 'It marks a new chapter for our Company, honours our journey, and represents the trust we aim to rebuild with stakeholders.' The name change coincides with the company's impending implementation of its PRP, which received over 99% shareholder approval, reflecting strong support for the group's turnaround. The PRP, approved by Bursa Malaysia in June 2025, comprises capital reconstruction, debt restructuring, fundraising, and a proposed exemption—measures aimed at restoring financial health, supporting operations, and enabling an exit from PN17 status. Under the capital reconstruction, the company will implement a 99.99% capital reduction to offset losses, along with a 20-to-1 share consolidation. As part of the debt restructuring, total borrowings will be cut from RM10.8bil to about RM5.6bil, lowering interest expenses by over RM500mil. The deleveraging aims to restore profitability and boost confidence among clients and financiers. Malaysia Development Holding will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to settle outstanding payments to local oil and gas vendors. Shareholders also approved an exemption from a mandatory general offer if the RCLS is fully converted. 'We are deeply encouraged by the strong mandate from our shareholders. We are also glad that shareholders have actively exercised their rights and played a decisive role in shaping the Company's future. With these approvals, Vantris Energy is now in a stronger position to move forward with renewed focus, financial strength, and purpose,' Muhammad Zamri said.
The Star
14-05-2025
- Business
- The Star
Sapura Energy set for regularisation plan
The company said that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. PETALING JAYA: Sapura Energy Bhd (SEB) is finalising a regularisation plan to exit the Practice Note 17 (PN17) status that includes a few corporate exercises to put the company on a stronger financial and operational standing. The company said in a statement that the plan would be finalised soon and includes a fund-raising initiative in which the Finance Ministry through Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to fund its repayment to vendors. 'MDH will become a major shareholder upon full conversion of the RCLS, which will result in MDH holding more than 33% of SEB's enlarged share capital,' the upstream oil and gas operator said. There would also be a proposed capital reconstruction involving a 99.99% capital reduction to offset accumulated losses; and a 20-to-1 share consolidation to enhance share trading prices and reduce price volatility. 'A comprehensive proposed debt restructuring exercise will reduce SEB's total borrowings from about RM10.8bil to RM5.6bil, yielding substantial interest savings and reduced financial burden, through several mechanisms that, among others, includes debt conversions to equity and equity-like instruments and a debt waiver,' SEB explained. The company added that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. The plan has resulted in a sustained annual revenue of RM4bil since its launch in 2022. Meanwhile, the company said it would continue its efforts in repositioning itself for long-term sustainability and profitability. For its financial year ended Jan 31, 2025, the company posted a net profit of RM190mil on the back of RM4.7bil in revenue. Its order book currently stands at RM8.2bil. Group chief executive officer Muhammad Zamri Jusoh said with the strategic initiatives and the successful implementation of the proposed regularisation plan, SEB is confident in its path to operational recovery, improved financial health, and eventual upliftment from PN17 status. 'We are hopeful that this plan will not only enable SEB's recovery but also catalyse the growth of the country's energy ecosystem,' he said. Muhammad Zamri added the plan, plus the company's continued focus on its core business in engineering and construction, drilling, and operations and maintenance, represents the most viable pathway to a turnaround in its financial status. 'We are confident the successful execution of the plan will return the group to profitability and restore confidence among stakeholders,' he noted. Its share price remained unchanged at 4.5 sen yesterday, with a market capitalisation of RM661.53mil.
