KUALA LUMPUR: Sapura Energy Bhd has changed its name to Vantris Energy Bhd, reflecting its cumulative effort in its corporate transformation.
The name change, which takes effect today, follows shareholder approval at an extraordinary general meeting held on July 30.
Shareholders also overwhelmingly approved the company’s proposed regularisation plan, a crucial component of its financial and operational recovery.
According to the company, the new name Vantris Energy reflects its renewed purpose and corporate identity.
Group chief executive officer Muhammad Zamri Jusoh said the name was inspired by internal contributions, with over 200 submissions received from employees.
“Vantris Energy was ultimately selected as the top choice,” he said.
The regularisation plan, which received approval from more than 99 per cent of shareholders, comprises four key components: capital reconstruction, debt restructuring, financing, and exemption from a mandatory general offer.
As part of its debt restructuring efforts, the company’s total borrowings will be cut from RM10.8 billion to around RM5.6 billion, leading to an estimated reduction of more than RM500 million in interest expenses.
Malaysia Development Holding Sdn Bhd will subscribe to up to RM1.1 billion in redeemable convertible loan stocks as part of the company’s fundraising initiative.
The company said the funds raised will be used to settle outstanding payments owed to Malaysian oil and gas vendors, underscoring its continued commitment to supporting its ecosystem.
“We are glad that shareholders have actively exercised their rights and played a decisive role in shaping the company’s future.
“With these approvals, Vantris Energy is now in a stronger position to move forward with renewed focus, financial strength and purpose,” Zamri said.
© New Straits Times Press (M) Bhd
