PETALING JAYA: Sapura Energy Bhd’s rights issue exercise saw an undersubscription rate of 18.51% after its share price fell below its rights issue price of 30 sen.
However, it still managed to raise about RM4 billion as the remaining 1.85 billion unsubscribed rights shares will be fully taken up by the joint underwriters, namely, Maybank Investment, CIMB Investment Bank and RHB Investment Bank.
Sapura Energy said in a statement today that it received 8.14 billion of valid acceptances and excess applications for its rights shares with warrants, representing a subscription rate of 81.5%.
Successful applicants of the rights shares will be given warrants on the basis of one warrant for every 10 rights shares subscribed.
For its Islamic redeemable convertible preference shares (RCPS-i), the group saw just above 100% of valid acceptances and excess applications.
Permodalan Nasional Bhd and its associated funds have emerged as the single largest shareholder with 40% shareholding in Sapura Energy.
Sapura Technology Sdn Bhd will become the second largest shareholder with a direct and indirect shareholding of 16.3%. Meanwhile, the minority shareholders will hold 42.2% in Sapura Energy.
In tandem with the rights issue, Sapura Energy will be forming a 50:50 strategic partnership with Austria’s OMV Aktiengesellschaft, which will result in the group receiving cash proceeds of up to US$975 million (RM4 billion).
Proceeds from both the rights issue and the proposed strategic partnership with OMV will be used to repay the group’s borrowings and for working capital.
Upon the completion of both exercises, Sapura Energy’s gearing ratio is expected to drop significantly from 1.74 times to 0.62 times.
On Bursa Malaysia today, Sapura Energy closed down 1.75% at 28 sen on volume of 254.29 million shares.