Kuala Lumpur: The Federal Government’s RM1.1 billion capital injection into Sapura Energy Bhd (SEB) did not benefit shareholders or the management, Prime Minister Datuk Seri Anwar Ibrahim announced. The restructuring of SEB has led to the removal of previous major shareholders from management roles, making way for new professional leadership to oversee the company’s recovery process.

According to BERNAMA News Agency, Anwar emphasized that the RM1.1 billion injection is dedicated solely to settling SEB’s debts with vendors, which include 2,000 local oil and gas SMEs, predominantly Bumiputera companies. This financial support is part of SEB’s restructuring plan, aiming to assist local workers who have faced delays in receiving their salaries while also preserving the local oil and gas industry ecosystem.

Anwar, who also holds the position of Finance Minister, stated that an audit has been conducted, and further due diligence will be undertaken before the restructuring and capital injection are finalized. The results of this due diligence process will be shared with relevant enforcement agencies, such as the Securities Commission Malaysia, to assess if any action is necessary.

The Prime Minister reaffirmed the MADANI Government’s commitment to transparency and good governance. He highlighted that SEB’s restructuring has already gained creditor approval and been subjected to court proceedings. Anwar underlined that the government’s financial contribution is an investment aimed at revitalizing the strategic oil and gas ecosystem, crucial for supporting the nation’s economy.