Sapura Energy's rescue plan excludes former shareholders - Anwar

He said a new professional management team had been appointed to oversee SEB’s restructuring process.

13 Mar 2025 11:03am
Anwar said a new professional management team had been appointed to oversee SEB’s restructuring process. - Bernama photo
Anwar said a new professional management team had been appointed to oversee SEB’s restructuring process. - Bernama photo

PUTRAJAYA - Prime Minister Datuk Seri Anwar Ibrahim said Sapura Energy Bhd’s (SEB) former major shareholders are no longer involved in the company’s management as part of its restructuring efforts.

He said a new professional management team had been appointed to oversee SEB’s restructuring process.

"The Federal Government’s RM1.1 billion capital injection into SEB is specifically for settling the company’s debts with vendors, including 2,000 local oil and gas SMEs, the majority of which are Bumiputera-owned.

"This injection is part of SEB’s restructuring and aims to support local workers who have gone unpaid for an extended period. It is also crucial for preserving the local oil and gas industry ecosystem,” he said in a statement on Thursday.

Anwar stressed that the funds would not benefit SEB’s previous shareholders or management, as the new professional team is now responsible for the company’s recovery plan. - BERNAMA

Related Articles:

Download Sinar Daily application.Click Here!

Anwar Ibrahim
prime minister
Sapura Energy
Madani
government
bail out
shares
Sapura
sebak
Bumiputera
economy

More Like This
For 31-year-old Nurul Syifa’ Ahmad Zohri, carpentry is more than a hobby. Photo by Bernama
For 31-year-old Nurul Syifa’ Ahmad Zohri, carpentry is more than a hobby. Photo by Bernama
Money From small workshop to own factory: Young woman carves out space in male-dominated furniture trade
For 31-year-old Nurul Syifa’ Ahmad Zohri, carpentry is more than a hobby.
For husband-and-wife duo Muhammad Azlan Nasrin Mohd Nazree and Hany Liyana Mohd Masri, the inspiration came from home. Photo: Bernama
For husband-and-wife duo Muhammad Azlan Nasrin Mohd Nazree and Hany Liyana Mohd Masri, the inspiration came from home. Photo: Bernama
Money From fruit runs to business wins: The Buah Klub story
KUALA LUMPUR - What began as a simple effort to indulge a child’s fondness for fruits has blossomed into a thriving business and a platform empowering others to generate income.For husband-and-wife duo Muhammad Azlan Nasrin Mohd Nazree and Hany Liyana Mohd Masri, the inspiration came from home....
The Cotton On Group, headquartered in Australia, operates multiple brands globally, including Cotton On, Cotton On Body, Typo and Factorie, with a presence in several Asian markets, including Malaysia, Singapore and Indonesia. Photo: ioi City Mall website
The Cotton On Group, headquartered in Australia, operates multiple brands globally, including Cotton On, Cotton On Body, Typo and Factorie, with a presence in several Asian markets, including Malaysia, Singapore and Indonesia. Photo: ioi City Mall website
Money Cotton On says not closing stores or exiting Asia
There have been misleading media reports suggesting that Cotton On stores operating in Asia are being closed.
On March 15, Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali stated that the HPAA will take effect on June 1, 2026, with a transition period until March 31, 2027, for banks to perform necessary systems, processes and infrastructure enhancements.
On March 15, Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali stated that the HPAA will take effect on June 1, 2026, with a transition period until March 31, 2027, for banks to perform necessary systems, processes and infrastructure enhancements.
Money New hire-purchase rules to benefit borrowers, minimal impact on banks
Given that early settlements usually occur mid-cycle or closer to maturity, the quantum of unearned interest subject to potential’ goodwill discount adjustments’ remains limited and unlikely to be material for both borrowers and FIs.