MDH’s RM1.1b Sapura investment to repay local vendors: PNB

The investment by Malaysia Development Holding Sdn Bhd (MDH) in Sapura Energy Bhd will be exclusively used to repay local vendors, without benefitting any existing shareholders or financial creditors, said Permodalan Nasional Bhd (PNB).

As the existing significant shareholder of Sapura, PNB said this funding is crucial for the financial survivability of Malaysian service providers within the oil and gas ecosystem, given that Sapura has more than 2,000 vendors, many of which are small and medium enterprises, and employ about 59,000 core employees in the oil and gas industry.