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Fahmi says government funds for Sapura Energy a strategic investment, not a bailout
PUTRAJAYA, March 12 — Malaysia Development Holding Sdn Bhd’s (MDH) RM1.1 billion subscription of Sapura Energy Bhd’s redeemable convertible loan stocks is a strategic investment and not a bailout, Communications Minister Datuk Fahmi Fadzil said today.
The MDH is a special purpose vehicle of the Finance Ministry.
Fahmi said Sapura Energy was also required to earmark the funds solely for settlement of liabilities to over 2,000 local vendors, of which 80 per cent were Bumiputera enterprises.
Fahmi said the matter was deliberated at the Cabinet meeting chaired by Prime Minister Datuk Seri Anwar Ibrahim earlier today.
“In the case of Sapura Energy, this is not a bailout because it (the investment) comes with specific conditions.
“Sapura will also release a statement later today to clarify the matter,” he told reporters at a press conference at the Ministry of Communications, here, today.
Asked on the Madani government’s stance on bailouts, Fahmi said: “We will look on a case-to-case basis but based on the principles of Madani government, which is there are no free lunches.”
In a filing with Bursa Malaysia on Tuesday, Sapura Energy announced that MDH will be subscribing to its redeemable convertible loan stocks worth RM1.1 billion on certain conditions.
Expressing its gratitude to the government, the integrated oil and gas services provider said the funding marked a crucial step in restoring the financial stability of local vendors within the oil and gas ecosystem.
