KUALA LUMPUR (Sept 26): Three banks have emerged as substantial shareholders of Vantris Energy Bhd (KL:VANTNRG), formerly known as Sapura Energy Bhd, following the completion of the oil and gas company’s regularisation plan.
The banks are Malayan Banking Bhd (KL:MAYBANK), CIMB Group Holdings Bhd (KL:CIMB) and RHB Bank Bhd (KL:RHBBANK).
In a bourse filing on Friday, Maybank said Vantris Energy had issued 462.45 million new shares and 498.48 million redeemable convertible unsecured Islamic debt securities (RCUIDS) to the bank and its unit Maybank Islamic Bhd.
This formed part of the settlement of liabilities owed by Sapura TMC Sdn Bhd, a wholly owned subsidiary of Vantris Energy. Following the issuance, Maybank holds a 20.27% stake in Vantris Energy.
Separately, CIMB Group disclosed that its subsidiaries also received new securities. CIMB Bank Bhd obtained 208.93 million shares and 225.21 million RCUIDS, while CIMB Islamic Bank Bhd received 67.73 million shares and 73.01 million RCUIDS. Together, they hold a combined 12.13% stake in Vantris Energy.
RHB Bank, meanwhile, said its subsidiary RHB Islamic Bank received 164.56 million shares and 177.39 million RCUIDS from Vantris Energy, giving RHB a 7.21% indirect stake in the company.
According to CIMB and RHB, the shares were issued at 80 sen apiece, while the RCUIDS are convertible on a one-for-one basis into shares.
To recap, Vantris Energy secured approval from the stock exchange regulator in June for its proposed regularisation plan to exit Practice Note 17 (PN17) status.
The plan includes a capital reduction to eliminate accumulated losses and strengthen its capital structure, as well as a 20-to-one share consolidation to reduce the number of shares in circulation, aimed at boosting its share price and lowering volatility.
The restructuring is also expected to cut total borrowings to about RM5.6 billion from RM10.8 billion and reduce annual interest costs by more than RM500 million, or around 60%.
In addition, the plan involves a RM1.1 billion capital injection from the Ministry of Finance, via Malaysia Development Holding Sdn Bhd (MDH), through redeemable convertible loan stocks (RCLS).
Upon full conversion of the RCLS, MDH could emerge as the single largest shareholder of Vantris Energy with over a 33% stake, overtaking Permodalan Nasional Bhd, whose stake may be diluted to just above 5%.
Vantris 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.
Shares in Vantris Energy ended two sen or 3.6% lower at 53 sen on Friday, giving the company a market capitalisation of RM1.21 billion.