"High salaries and related-party transactions
From FY2013-FY2022, Sapura Energy paid out total dividends of RM480 million. But huge salaries, incentives and payments were made out to Shahril and his vehicle Brothers Capital Sdn Bhd (co-owned with his brother Datuk Shahriman Shamsuddin), which wholly owns Sapura Holdings Sdn Bhd, which in turn now owns 12.82% of Sapura Energy.

Shahril drew huge remuneration and incentives from FY2014 onwards, even as the company posted losses from FY2016. His annual remuneration and incentives were between RM71.9 million and RM89.4 million from FY2014 to FY2018 (see Chart 4). His total income from FY2013 to FY2021 was RM443.9 million, or an average of RM49.3 million per year for nine years.

In FY2016, when Sapura Energy posted its first post-merger loss, Shahril’s remuneration was still a whopping RM83.4 million, down only marginally from the RM89.4 million in FY2015 when both Sapura Energy’s profits and his remuneration were at record highs. In FY2018, the company posted RM2.5 billion of net losses, but his remuneration was still a whopping RM71.9 million."


"In total, excluding the related-party transaction office rental, we estimate Shahril and Shahriman’s Sapura Holdings received RM1.17 billion from FY2013-2021, comprising RM444 million in remuneration, RM296 million in IP rights and trademarks, RM350 million from the SapuraCrest-Kencana merger cash distribution exercise and RM79 million from dividends (See Table 5).

In comparison, all shareholders (excluding Shahril and Sapura Holdings) received just RM401 million in dividends. To cut a long story short, one single shareholder received three times what was paid to all other shareholders.

This amount of RM1.17 billion received by Shahril personally and with Shahriman’s companies, is equivalent to a hefty 9.2% of Sapura’s total Ebitda of RM12.7 billion earned over the past 10 years."
https://www.theedgemarkets.com/article/cover-story-boom-and-bust-how-s...

"Troubled oil and gas services provider Serba Dinamik Holdings Bhd posted its third consecutive net loss for the third quarter ended March 31, 2022 (3QFY22), with a net loss of RM434.19 million — its largest to date."

"Serba Dinamik’s share price settled unchanged at 11 sen on Monday, giving it a market capitalisation of RM409.99 million."

The amount of $$$ that the Directors have been paid over time is absolutely obscene. Heads should roll, they should all be replaced. Some of those big institutions that approved their pay should have another assessment of their decisions.

Sapura Energy disposes pipe-laying and crane vessel for US$71.5mil.
https://www.nst.com.my/business/2022/05/800845/sapura-energy-disposes-pipe-laying-and-crane-vessel-us715mil.
Hope they make the right decision, not a decision base on their need for cash. Might be like cutting off the hand that brings in the money. They should cut the exorbitant Directors pay, absolute waste of money. At least this is cost cutting NOT cutting your hands off.

ken2004
Are you testing the quick sand with one leg on SBD and another leg on SPE? So which leg is going to sink first?

The simplest form of debt restructuring to me is just a swap of some debts for shares. There is no other way around it, unless govt or a white knight is willing to commit or inject extra cash.

Results looks good, but it's price is still falling. Investors not impressed.

WEF: Subsidies up by RM40 bil to tame inflation - Zafrul.
We need alot of money for subsidies.

https://www.astroawani.com/video-english/wef-subsidies-rm40-bil-tame-inflation-zafrul-1968805.

It looks like most of sales are interested in 0.08 than 0.085

It sounds like PNB is not prepared to do nothing. They will try their best to make sure SAP turn around.

Don't follow the herd of sheep to the slaughter house.

So it is the that Lim accountant & his assistant accountant. Don't they know how to read figures. Kopi O accountants.

FINISH. They haven't even got 100M to play with. That is why I don't understand why there is push for the price to go up, should be down.

O Lord what happen to BOSSKU? Did you miss something?

The gamble should be 0.07. Anything above that will be at a greater risk.

SC could help by giving the money back as a "LOAN" to Serb.

Plus 3 years jail!

I can honestly recall only one successful BUMI businessman, Syed Mokhtar. All the rest, I think just got deep pockets that they have been trying to fill. Not too many good BUMI just a handful.

Nothing is going to happen here for awhile. Our Govt top priority at the moment is with Bahasa Malaysia for ASEAN and our Finance Minister is also more concern about how much a KAI cost. What a bunch of useless mob who has got their priority mixed up.

Tomorrow will gap down. Another draft copy to creditors is just status quo. Not achieving anything, just back to square one.

All those buyers chasing the 0.90 - 0.95 are going to regret when news comes out after closing. No logic in chasing today, can still wait for tomorrow.

Watch them dump tomorrow morning when the news comes out after 5.00 closing.

Crazy investors. They think they have got the creditors, considering the actions in the afternoon. They start chasing!

Sounds like a delaying technique by SBD. The bankers are not going to agree.

Exactly, he has got the most votes. Cannot be voted out.

It's crashing. Insider trading?

Mabel is making more money than most of us here!

It is slightly different from SERB because Karim is a majority shareholder, that is not easy to be removed. In this the shareholder is MOF, they have the right to call an EGM to replace the full board by voting them out.

Personally, I believe Zafrul is too smart to even go close to commiting the MOF & be known in history as the FM who commit Govt money to this. As for PNB, their BOD made the wrong decision and it should be known that they are in fact incompetent and should all be replaced by the MOF. It's a performance job and they are very well paid.

Huangbk72

I don't agree. Of course they care , it will show up on their annual report sooner or later. The only people who don't care is the Goverment. They can give loans out of consolidated account or loans back by bonds with gov guarantees. This is not going to stand out like a BIG FLAG except it will end up in deficit.

cheahgood
We got your message. You just keep on posting the same beat and hammering Karim. My question. With that hugh amount of $$$ involved, do you think the creditors, institutions, bankers are prepared to cut loss or are they prepared to try and recover by riding it out with Karim. Don't forget one is a definate decision with no possiblility of recovery while the other is giving it more time and some hope. Exactly what happen in share trading, bit more extreme.

Almost 2 weeks before this kicks off with no damage from the court case OR it goes tumbling down following the court hearing on the creditors.

Hextar posts record 1Q net profit of RM15.7m, acquires entire stake in Australian units.

https://www.theedgemarkets.com/article/hextar-posts-record-1q-net-prof...
https://www.nst.com.my/business/2022/05/798753/hextar-global-posts-rm1...

Datuk Ong is working very hard on his other stable of companies. Give him a bit of time. Hextar is his most important company and the backbone of his structure.

Brief Sarawak assembly on losses suffered by state govt agencies in Serba Dinamik investments, says Batu Lintang rep.
https://www.malaymail.com/news/malaysia/2022/05/23/brief-sarawak-assembly-on-losses-suffered-by-state-govt-agencies-in-serba-dinamik-investments-says-batu-lintang-rep/8401.

It is a good trading counter because of the high turnover. If you do get caught out there is always opportunity to get out as long as you do not take too long to make your decision.

Still think there won't be MOF assistance, far too complicated. It just gives us some time to do a bit quick trading profit. Don't stay too long.

Sapura’s share price spiked on bail-out hope but what if it doesn’t happen?.
https://focusmalaysia.my/sapuras-share-price-spiked-on-bail-out-hope-but-what-if-it-doesnt-happen/

polycarp
Pretty good analysis.

If the MOF is going to do anything, it will be SE first then SEB. If that is the case then I don't think SEB can stay alive before anything happens. Only the courts can save them.

0.06 tomorrow?

Don't listen to that rumour. The turnover does not confirm the actions of these loaded guys.

No point in waiting here, might as well cash out and sit on SE. Make some money first, thanks to Zafrul then come back.

It's not going anywhere today. Nearly 3x no of millions qty wanted for buyers to sellers. Try again next week.

Isn't there an integrity problem with HSBC? Refer PearlWhite's article.
https://klse.i3investor.com/web/blog/detail/Pearlwhite/2022-05-19-stor...

I think abcd11111 better go back to preschool and get his abc in order.

abcd11111
You are a bit silly, posting buy,buy,buy week after week. Just how much have you picked up?

I have ask the question before. For those who are still not aware, Safian is the man behind Kuantum Juang Sdn Bhd ( KJSB). He currently holds a total of 14.811% deemed interest.

They can always make lots of $$$ on the market considering the turnover in the last 3 days. Now just start by doing alot of pumping and dumping.

It's not going to go anywhere until June 7, maybe June 8? from now until then it will just be gamblers around pumping and dumping with no certain direction except for their own pocket.

The BOD might as well close up shop and refund our investment. What is the point of not looking after shareholders but the Directors' fat fees.