Sapura Energy appoints key board members, company and MMHE unaware of merger plan - Upstream Online
Sapura Energy appoints key board members, company and MMHE unaware of merger plan | Upstream Online
Sapura Energy has appointed MMHE and Petronas veterans to its board of directors amid the latest bout of market talk that a potential tie-up with compatriot rival and Petronas’ subsidiary Malaysia Marine & Heavy Energy (MMHE) could be on the cards.
Malaysian financial media The Edge reported that merger talks are at the preliminary stage and being conducted at the shareholder level of cash-strapped Sapura Energy and MHHE, while the companies themselves said they were unaware of any such plan.
“The Sapura Energy Berhad board and management are not aware of any plan for a merger. The company is putting focus on the current debt restructuring, strategic review and operational improvements to ensure the company regain its financial footing for future sustainability,” a company spokesperson told Upstream.
“We wish to clarify that MHB (MMHE) is unaware of any such move,” a MMHE spokesperson told Upstream.
“Our primary focus remains on our core businesses, and we assure you that any updates on material developments will be communicated in a timely and appropriate manner.”
Sapura on Friday announced that MMHE’s former chief executive Wan Mashitah Wan Abdullah Sani had joined the board as independent and non-executive director with immediate effect.
Also coming onboard as a new independent and non-executive director is former Petronas veteran Nur Iskandar Samad.
The 56-year-old Wan Mashitah has more 28 years' experience encompassing finance, strategic planning, project costing and supply chain management with MMHE that has a market capitalisation of over 1 billion ringgit ($ million), noted Sapura in a Bursa Malaysia (Malaysia stock exchange) filing.
Sapura also highlighted that she helped transition E&P Operations and Maintenance Services (EPOMS) from a wholly owned Petronas subsidiary to a privately-owned company.
Meanwhile, the 65-year-old Nur Iskandar has a career spanning more than four decades in the downstream oil, gas and petrochemical industry, with his main skillsets being project management and business operation of manufacturing facilities. He was head of Malaysia LNG’s terminal operations in the late 1980s.
Nur Iskandar has also earlier served on the boards of several of Petronas' subsidiaries.
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