Thursday, December 15, 2011

Kencana-SapuraCrest targets CAGR of 15% to 20% in revenue

KUALA LUMPUR: The final hurdle in the merger of KENCANA PETROLEUM BHD [] and SAPURACREST PETROLEUM BHD [] was crossed on Thursday after Kencana's shareholders gave their approval at its EGM.

Kencana group chief executive officer Datuk Mokhzani Mahathir told reporters that the merged entity -- Sapura Kencana Bhd -- was looking at a compound annual growth rate of 15%to 20% for revenue.

The merger was expected to completed by end-February 2012 and it was on track to being listed in the first quarter of 2012 pending regulatory approvals.

He said the merged entity would have 9,000 people on its payroll globally across 20 countries ranging from Malaysia, Thailand, Brazil, the US and India to Australia.

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