KUALA LUMPUR (Aug 15): Vantris Energy Bhd (KL:VANTNRG), formerly Sapura Energy, has signed a deal with a Ministry of Finance (MOF)-owned firm for an up to RM1.1 billion cash injection to pay its Malaysian vendors. The deal depends on Vantris’ restructuring plan taking effect by March 11, 2026, though the deadline can be extended upon agreement by both parties.
In a filing with the bourse, the debt-laden oil and gas company said it signed a redeemable convertible loan stocks (RCLS) subscription agreement with Malaysia Development Holding (MDH) on Friday. The deal was first announced in March this year.
The RCLS issuance is a central element of Vantris’ court-sanctioned regularisation plan, aimed at securing its exit from Practice Note 17 (PN17) status after more than two years. Bursa Malaysia approved its regularisation plan in June, clearing the way for shareholder endorsement last month.
The restructuring involves a 99.99% capital reduction to wipe out accumulated losses, a 20-to-one share consolidation, and a debt overhaul that will trim total borrowings to about RM5.6 billion from RM10.8 billion. Annual interest expenses are expected to fall by over RM500 million, or roughly 60%.
Shareholders also granted an exemption to relieve MDH from making a mandatory general offer should the RCLS be fully converted, a move that could give the government-controlled entity a stake exceeding 33%, overtaking largest shareholder Permodalan Nasional Bhd, whose holding could be diluted to just over 5% from 40.43%.
Vantris’ shares closed 0.5 sen or 12.5% lower at 3.5 sen on Friday, valuing the group at RM643.2 million.