KUALA LUMPUR (Aug 1): Sapura Energy Bhd (KL:SAPNRG) has officially changed its name to Vantris Energy Bhd, a rebranding that takes effect on Friday (Aug 1) following shareholder approval at an extraordinary general meeting on Wednesday.
The rebranding coincides with the financially troubled oil-and-gas services provider's implementation of a long-awaited regularisation plan, which aims to secure an exit from its Practice Note 17 (PN17) status. The regularisation plan, which was approved by Bursa Malaysia in June, received shareholders' approval in a separate EGM, also on Wednesday.
The Companies Commission of Malaysia issued the Certificate of Incorporation on Change of Name of Company on Friday, formalising the new corporate identity, Vantris Energy said.
Group chief executive officer Muhammad Zamri Jusoh said the new name symbolises a fresh chapter for the company. “It marks a new chapter for our company, honours our journey, and represents the trust we aim to rebuild with stakeholders,” he said in a statement.
Under the regularisation plan, Vantris Energy will perform a 99.99% capital reduction to offset accumulated losses, along with a 20-to-one share consolidation.
The company's debt restructuring will reduce its borrowings from RM10.8 billion to about RM5.6 billion, cutting annual interest expenses by more than RM500 million, or approximately 60%. "This significant deleveraging positions the company to return to profitability and rebuilds confidence with clients and financiers," Vantris Energy stated.
The Ministry of Finance, through Malaysia Development Holding Sdn Bhd (MDH), will subscribe up to RM1.1 billion in redeemable convertible loan stocks (RCLS). Proceeds from this subscription have been earmarked to settle outstanding payments to Malaysian oil and gas vendors.
Shareholders also approved an exemption, allowing MDH and its persons acting in concert to avoid triggering a mandatory general offer if the RCLS are fully converted, as it could give them a stake exceeding 33% and make them the new single largest shareholder, overtaking Permodalan Nasional Bhd, whose stake could be diluted to just over 5% from 40.43% currently.
The group plans to prioritise the phased roll-out of its regularisation plan, with the goal of exiting PN17 status after two consecutive quarters of profitability.
"We are deeply encouraged by the strong mandate from our shareholders. We are also glad that shareholders have actively exercised their rights and played a decisive role in shaping the company’s future. With these approvals, Vantris Energy is now in a stronger position to move forward with renewed focus, financial strength, and purpose,” Zamri added.
Sapura Energy, once a leading oil and gas services provider in the region, has been classified as a PN17 company since 2022 due to financial distress. Its turnaround plan, with MIDF Amanah Investment Bank Bhd acting as principal adviser, has been closely watched by the market and key stakeholders.
The restructuring is proceeding against the backdrop of an ongoing family dispute among Sapura Holdings shareholders — Datuk Shahriman Shamsuddin and his brother Tan Sri Shahril Shamsuddin — who together control the group’s second-largest stake at 9.18%. On June 25, Shahriman resigned from his post as Sapura Energy’s non-independent and non-executive director, citing other commitments.
The stock closed unchanged at four sen on Friday, giving the company a market capitalisation of RM735.04 million.