Latest news with #RM10.8
The Sun
26-05-2025
- Business
- The Sun
Nine key 12MP projects approved
ISKANDAR PUTERI: Nine out of ten key projects proposed under the Fifth Rolling Plan of the 12th Malaysia Plan (12MP) have been approved during the special state development meeting chaired by Prime Minister Datuk Seri Anwar Ibrahim on May 23, said Johor Menteri Besar Datuk Onn Hafiz Ghazi. He said the approved projects include the construction of Sultanah Aminah Dua Hospital in Johor Bharu and work to widen highways. He said this during today's winding-up debate session at the Johor State Legislative Assembly in Kota Iskandar. However, he revealed that 222 projects worth RM10.8 billion, approved under the 11MP are still in the pre-implementation stage. 'The state government considers this a serious matter. We have the allocations, yet work has not commenced since 2016. 'These projects, which involve upgrades to hospitals, schools, roads, and more, have not been able to move forward. I raised this issue during the state development meeting,' he said. He added that, with the Prime Minister's agreement, the state government will discuss the matter with relevant ministries and agencies to expedite the projects.
New Straits Times
14-05-2025
- Business
- New Straits Times
Sapura Energy targets PN17 exit, to slash nearly RM11bil debt by half
KUALA LUMPUR: Sapura Energy Bhd today unveils a regularisation plan to facilitate its exit from Practice Note 17 (PN17) status and return to a stronger financial and operational standing. The oil and gas sector services company said the final plan, expected to be submitted soon, includes a debt restructuring to resolve about RM12.1 billion in total borrowings and trade liabilities. It also entails a capital reconstruction to set off against the company's accumulated losses. Sapura Energy group chief executive officer Muhammad Zamri Jusoh said the regularisation plan represents the most viable pathway to turn around the company's financial condition. "We are confident the successful execution of the plan will return the company to profitability and restore confidence among stakeholders," Zamri said. According to Sapura Energy, the regularisation plan comprises four key components designed to restore its financial health and position it to uplift its PN17 status. The proposed capital reconstruction involves a 99.99 per cent capital reduction to offset accumulated losses and a 20-to-1 share consolidation to enhance share trading price and reduce price volatility. The comprehensive debt restructuring will reduce Sapura Energy's total borrowings from about RM10.8 billion to RM5.6 billion, yielding substantial interest savings and reduced financial burden. Sapura Energy said the plan also incorporates a proposed fund-raising initiative where Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1 billion in redeemable convertible loan stocks (RCLS). This will be earmarked to settle outstanding payments to vendors in the Malaysian oil and gas ecosystem. "MDH will become a major shareholder upon full conversion of the RCLS, which will result in MDH holding more than 33 per cent of Sapura Energy's enlarged share capital. "MDH will seek an exemption from the Securities Commission from the requirement to make a mandatory general offer to Sapura Energy's existing shareholders. "This exemption will be subject to the approval of non-interested shareholders at an extraordinary general meeting (EGM), to be convened at a later date," it said. With the strategic initiatives and successful implementation of the proposed regularisation plan, Zamri said Sapura Energy 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 Sapura Energy's recovery but also catalyse the growth of the country's energy ecosystem," he added.
New Straits Times
14-05-2025
- Business
- New Straits Times
Sapura Energy proposes regularisation plan to exit PN17, slash RM12.1bil debt by more than half
KUALA LUMPUR: Sapura Energy Bhd today unveils a regularisation plan to facilitate its exit from Practice Note 17 (PN17) status and return to a stronger financial and operational standing. The oil and gas sector services company said the final plan, expected to be submitted soon, includes a debt restructuring to resolve about RM12.1 billion in total borrowings and trade liabilities. It also entails a capital reconstruction to set off against the company's accumulated losses. Sapura Energy group chief executive officer Muhammad Zamri Jusoh said the regularisation plan represents the most viable pathway to turn around the company's financial condition. "We are confident the successful execution of the plan will return the company to profitability and restore confidence among stakeholders," Zamri said. According to Sapura Energy, the regularisation plan comprises four key components designed to restore its financial health and position it to uplift its PN17 status. The proposed capital reconstruction involves a 99.99 per cent capital reduction to offset accumulated losses and a 20-to-1 share consolidation to enhance share trading price and reduce price volatility. The comprehensive debt restructuring will reduce Sapura Energy's total borrowings from about RM10.8 billion to RM5.6 billion, yielding substantial interest savings and reduced financial burden. Sapura Energy said the plan also incorporates a proposed fund-raising initiative where Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1 billion in redeemable convertible loan stocks (RCLS). This will be earmarked to settle outstanding payments to vendors in the Malaysian oil and gas ecosystem. "MDH will become a major shareholder upon full conversion of the RCLS, which will result in MDH holding more than 33 per cent of Sapura Energy's enlarged share capital. "MDH will seek an exemption from the Securities Commission from the requirement to make a mandatory general offer to Sapura Energy's existing shareholders. "This exemption will be subject to the approval of non-interested shareholders at an extraordinary general meeting (EGM), to be convened at a later date," it said. With the strategic initiatives and successful implementation of the proposed regularisation plan, Zamri said Sapura Energy 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 Sapura Energy's recovery but also catalyse the growth of the country's energy ecosystem," he added.
