Anwar: Sapura Energy's rescue plan excludes former shareholders

PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said Sapura Energy Bhd's (SEB) former major shareholders are no longer involved in the company's management as part of its restructuring efforts.

He said a new professional management team had been appointed to oversee SEB's restructuring process.

"The Federal Government's RM1.1 billion capital injection into SEB is specifically for settling the company's debts with vendors, including 2,000 local oil and gas SMEs, the majority of which are Bumiputera-owned.

"This injection is part of SEB's restructuring and aims to support local workers who have gone unpaid for an extended period. It is also crucial for preserving the local oil and gas industry ecosystem," he said in a statement on Thursday.

Anwar stressed that the funds would not benefit SEB's previous shareholders or management, as the new professional team is now responsible for the company's recovery plan.

-- BERNAMA