PETALING JAYA: Sapura Energy Bhd
’s issuance of redeemable convertible loan stocks (RCLs) to the Ministry of Finance Inc (MoF) at RM0.024 per share, or RM0.48 per consolidated share has come as a surprise.
In a report, BIMB Securities Sdn Bhd opined that the dilution impact is greater than what was thought, for the RCLs will be roughly at a 40% discount to market price.
The research house noted that management of the upstream oil and gas (O&G) contractor had stated there were two main reasons to justify the favourable pricing to the government – the need to encourage the government to fully subscribe to the RCLs and the urgent funding requirement.
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