Phnom Penh, Cambodia
November 25, 2011
Two Crony Capitalists Merge: Sapura-Kencana Group
written by theedgemalaysia.com (11-24-11)
Sapura Group President as well as Chief executive military officer Datuk Seri Shahril Shamsuddin will be the President as well as Group Chief Executive Officer of the joined SAPURACREST PETROLEUM BHD as well as KENCANA PETROLEUM BHD.
According to papers sighted by The Edge FinancialDaily, Sapura Group Chairman Datuk Hamzah Bakar will be the Chairman of the brand brand brand new house whilst Kenaca's Executive Chairman Datuk Mokhzani Mahathir will be allocated the Executive Vice Chairman.
Both the President & Group Chief Executive Officer as well as Executive Vice Chairman will inform directly to the board.
Currently, the integration cabinet for the partnership practice is mutually chaired by Shahril and
Mokhzani. Both companies will be seeking shareholders' approval during an EGM upon Dec fourteen for the due merger. The Securities Commission has already since its go-ahead for the merger.
In July, the petroleum-related companies voiced the partnership which would be undertaken by Integral Key Sdn Bhd (IKSB), the special role vehicle. IKSB had then done the RM11.85-billion offer to acquire all their assets as well as liabilities in the share swap. The partnership of equals will have the combined marketplace capitalisation in additional of RM10 billion.
According to the d! ocuments , Shahril said the integration cabinet was set up to grasp the successful partnership as well as to formulate the strategic citation of the brand brand brand new joined entity relocating forward.
He had additionally said which it is "critical which we put in place the strong as well as energetic organisational make up which would safeguard business smoothness as well as realisation of the synergies we hope to derive as the joined entity. I would like to assure each as well as everybody of we which we will go on to be an critical part of the brand brand brand new organisation relocating forward".
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