Sapura Energy Berhad announced that Bursa Malaysia Securities Berhad has, by way of its letter dated 30 June 2025, approved SEB’s Proposed Regularisation Plan . This marks a significant milestone in the Company’s strategic efforts to restructure its debt, strengthen its financial position and exit its status as a company classified under Practice Note 17 of the Main Market Listing Requirements .
The approved PRP includes a comprehensive suite of measures comprising a capital reconstruction, debt restructuring, fund-raising initiative and the necessary regulatory exemptions. These initiatives are designed to address accumulated losses and reduce total borrowings to support SEB’s ongoing business turnaround and set the foundation for future growth. The proposed funding is earmarked for the settlement of outstanding payments to vendors in the Malaysian oil and gas ecosystem.
“We wish to extend our gratitude to Bursa Securities for their approval,” said SEB Group Chief Executive Officer Muhammad Zamri Jusoh. “This not only validates our regularisation strategy but also paves the way for us to emerge from PN17 stronger and more resilient. We remain committed to executing the Regularisation Plan responsibly, delivering value to our stakeholders and restoring market confidence in our business.”
A general meeting of shareholders will be convened in due course to approve the PRP, following which SEB will implement the approved measures and achieve full compliance with Bursa Securities’ listing requirements.
With the Restructuring Effective Date targeted for August 2025 or latest by the Longstop Date of 11 March 2026, the Group is set to conclude one of the most complex restructuring exercises in the country’s history.
Source: cyprusshippingnews.com
