Sapura Energy sells 50% stake in Sapura Upstream for RM4.06 billion

November 9, 2018 | By | Reply More

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KUALA LUMPUR: Sapura Energy Bhd today announced the disposal of a 50% stake in Sapura Upstream Sdn Bhd to Austria’s OMV Aktiengesellschaft for US$975 million (RM4.06 billion).

This was based on Sapura Upstream’s enterprise value of up to US$1.6 billion (RM6.66 billion) comprising an equity value of up to US$1.25 billion and debt of US$350 million.

OMV will pay US$540 million for the 50% stake by subscribing to newly issued shares. The parties also agreed to refinance the existing inter-company debt of US$350 million.

In addition, the parties have agreed to additional consideration of up to US$85 million based on certain occurrences mainly linked to the resource volume in Block 30, Mexico at the time of taking the final investment decision.

The transaction will result in Sapura Energy receiving US$975 million (RM4.06 billion), including the repayment of US$350 million (RM1.46 billion) owed by Sapura Upstream to Sapura Energy.

Sapura Energy shares closed 4.2% higher at 37.5 sen with 73.24 million shares changing hands.

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