Latest news with #VantrisEnergy
New Straits Times
01-08-2025
- Business
- New Straits Times
Sapura Energy is now Vantris Energy Bhd
KUALA LUMPUR: Sapura Energy Bhd has changed its name to Vantris Energy Bhd, reflecting its cumulative effort in its corporate transformation. The name change, which takes effect today, follows shareholder approval at an extraordinary general meeting held on July 30. Shareholders also overwhelmingly approved the company's proposed regularisation plan, a crucial component of its financial and operational recovery. According to the company, the new name Vantris Energy reflects its renewed purpose and corporate identity. Group chief executive officer Muhammad Zamri Jusoh said the name was inspired by internal contributions, with over 200 submissions received from employees. "Vantris Energy was ultimately selected as the top choice," he said. The regularisation plan, which received approval from more than 99 per cent of shareholders, comprises four key components: capital reconstruction, debt restructuring, financing, and exemption from a mandatory general offer. As part of its debt restructuring efforts, the company's total borrowings will be cut from RM10.8 billion to around RM5.6 billion, leading to an estimated reduction of more than RM500 million in interest expenses. Malaysia Development Holding Sdn Bhd will subscribe to up to RM1.1 billion in redeemable convertible loan stocks as part of the company's fundraising initiative. The company said the funds raised will be used to settle outstanding payments owed to Malaysian oil and gas vendors, underscoring its continued commitment to supporting its ecosystem. "We are 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," Zamri said.
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.
