Wednesday, December 14, 2011

SapuraCrest-Kencana plans RM1.4b capex for expansion over 2 yrs

KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] has received overwhelming support from its shareholders for the proposed merger with KENCANA PETROLEUM BHD [] during the EGM on Wednesday.

SapuraCrest group president and chief executive officer Datuk Seri Shahril Shamsuddin said the merged entity would allocate RM1.4 billion as capital expenditure over the next two years.

The capex would be used to expansion into Australia, Brazil and the Middle East, he said a media briefing. The merged entity will have an order book of about RM13 billion upon the merger, he added.

Shahril said the merger will create a fully integrated oil and gas services group, which will rank among the top five globally.

SapuraCrest also receivedshareholder's'' approval for the proposed acquisition of Clough Ltd's marine CONSTRUCTION [] and offshore engineering operations in Australia, the UK, and the US for a total consideration of RM409 million. This would enable SapuraCrest to establish its presence in Australia.

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