It is stipulated in the Approval that Sapura Upstream Assets Sdn Bhd is to complete the Proposed Disposal simultaneously with the divestment of OMV Exploration & Production GmbH’s shares in SapuraOMV to TotalEnergies Holdings SAS no later than 31 December 2024. If the transactions are not completed by the said deadline, PETRONAS reserves its rights to revoke the Approval. Any effort to continue with the Proposed Disposal after the said deadline shall be considered as a new separate transaction which shall be subjected to PETRONAS’ written approval.
It is company announcement today as my opinion that creditors may have to accept hair cut for company on going concern practice, otherwise the deal of OMV may call off under new corporate exercise arrangement.
This counter will not be allowed to go completely under. And miss lee is the new wizard that will perform magic on the assets to make them disappear from the books.
KUALA LUMPUR: Sapura Energy Bhd was the most actively traded stock on the market today after it said it secured Petroliam Nasional Bhd's approval to sell its 50 per cent stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$530.3 million.
Some 75.9 million shares changed hands in the first hour of trading.
The stock hit a high of 5 sen before settling at four sen.
Its 52-week high was seven sen.
In a filing with Bursa Malaysia Securities on Tuesday, the company said on June 10, 2024 it received the approval from Petronas for the change of ownership in SapuraOMV of production sharing contracts for SK310, SK408 and SB412 with effect from Jan 1, 2025
The approval states that Sapura Upstream Assets Sdn Bhd is to complete the proposed disposal simultaneously with the divestment of OMV Exploration & Production GmbH's shares in SapuraOMV to TotalEnergies no later than Dec 31, 2024.
If the transactions are not completed by the said deadline, Petronas reserves its rights to revoke the approval. Sapura Energy said any effort to continue with the proposed disposal after the deadline shall will be as a new separate transaction which shall be subjected to Petronas' written approval.
THE MA..YS CEO S AND OTHER LEADERS IN THE PAST HAS SPOILED UP, AND DAMAGED THE COMPANY VERY VERY VERY BADLY. ACTUALLY IT S TOO LATE ALREADY, JUST WAITING TO TUTUP KEDAI ONLY.. CAREFULL YO WITH THIS COMPANY NO PROFIT SO FAR, BADLY RIDDEN WITH DEBTS.. SO MANY OTHER COUNTERS ARE THERE
Only PNB take loses from Both Side as Bank Owner and SAP majority shareholders. Put SAP under Liquidation, PNB will lose around 5--7 bil or more That is why PNB appointed the best of the best O&G directors to SAP Board ( beside kicking Out ALL Shahril's MaCai )
This stock, sure looks like a bargain right now. Too bad I see people that usually get it wrong here. Specially those with very high level, general comments. Not able to research a company in detail.
The debts restructure drag on for soo long is because the creditors expect the rich daddy/tax payers' money to bail out this company and hence reluctant to accept the haircut.
I think SAP schedule of repaying / HairCut to Banks should be known when New PNB CEO from CIMB takes over on July. Madam Lee might need 6months to repackaged 25% of SAP Loan bcos 75% Bankers already agreed to HairCut----MayBank plus CIMB holds the largest of the 10billion Loan----PNB as largest shareholder of Both Banks really gets hit real Hard
BRICS de-dollarisation will cause US dollars to weaken significantly in say 5 years time. If current trend continue i.e more countries join BRICS to use local currencies for trade, many currency traders say Ringgit will hit 3Rm =$1 in 3 years----and worst thing could happen soon ( how USA to pay 1trillion I.O.U in 2025 if BRICS keep selling US treasury) Bankers US$ loan to SAP may actually De-valued. Bankers might ask SAP to pay in ringgit ( management can show "them" the middle finger )
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intansri
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Posted by intansri > 2 months ago | Report Abuse
It is stipulated in the Approval that Sapura Upstream Assets Sdn Bhd is to complete the Proposed Disposal simultaneously with the divestment of OMV Exploration & Production GmbH’s shares in SapuraOMV to TotalEnergies Holdings SAS no later than 31 December 2024. If the transactions are not completed by the said deadline, PETRONAS reserves its rights to revoke the Approval. Any effort to continue with the Proposed Disposal after the said deadline shall be considered as a new separate transaction which shall be subjected to PETRONAS’ written approval.
It is company announcement today as my opinion that creditors may have to accept hair cut for company on going concern practice, otherwise the deal of OMV may call off under new corporate exercise arrangement.