KUALA LUMPUR, March 26 With Malaysia still under the cloud of the 1MDB financial scandal, the government has to make another tough decision on whether or not to bail out heavily indebted oil-and-gas company Sapura Energy Bhd which is facing insolvency. Whichever way it decides, the.
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has appointed Datuk Iain Lo and Bernard di Tullio to its board of directors, effective May 1.
Iain will join as an independent and non-executive director, while di Tullio joins as a non-independent non-executive director, Sapura Energy said in a statement.
Sapura Energy has also appointed Datuk Mohd Anuar Taib as executive director, by virtue of his role as group chief executive officer, effective May 1.
Iain, who has recently retired as Shell Malaysia’s chairman, has more than 30 years of extensive experience in Shell’s exploration and production, gas and downstream businesses both in Malaysia and abroad.
He joined Sarawak Shell Bhd as a field engineer in 1990 before moving on to various engineering, economics and corporate roles based in Malaysia, The Hague and Singapore. His areas of responsibility have included LNG and Chemical joint ventures in Malaysia, Middle East, China and Russia.
KUALA LUMPUR (April 30): Based on corporate announcements and news flow today, companies that may be in focus on Monday (May 3) include: FGV Holdings Bhd, MSM Malaysia Holdings Bhd, IHH Healthcare Bhd, Mr DIY Group (M) Bhd, Priceworth International Bhd, KLCCP Stapled Group, Sapura Resources Bhd, Sapura Energy Bhd, Malayan Banking Bhd, Al- Aqar Healthcare REIT, Top Glove Corp Bhd, Fajarbaru Builder Group Bhd and Sarawak Oil Palms Bhd.
FGV Holdings Bhd s (FGV) subsidiaries,
MSM Malaysia Holdings Bhd (MSM) and FGV Integrated Farming Holdings Sdn Bhd (FGVIF), have entered into a binding term sheet on the respective disposal and acquisition of a 100% stake of MSM s wholly-owned subsidiary MSM Perlis Sdn Bhd. With an initial disposal consideration of RM175 million, the agreement is set to be completed by the third quarter of this year.
KUALA LUMPUR: SapuraOMV Upstream (Malaysia) Inc, has agreed to sell its entire interests under SapuraOMV Upstream (PM) Inc in various producing assets located offshore Peninsular Malaysia to Singapore-based Jadestone Energy PLC for US$9 million (US$1=RM4.09).
In a statement today, SapuraOMV said the effective date of the transaction was Jan 1, 2021 involving producing assets comprising of PM323, PM329, PM318, and AAKBNLP Production Sharing Contracts (PM assets).
Apart from the US$9 million agreed purchase price, there were also contingent payments of up to US$6 million dependent on certain oil price criteria being met, it added.
SapuraOMV Upstream, headquartered in Kuala Lumpur, is a strategic partnership between Sapura Energy Bhd