KUALA LUMPUR: Malaysia’s largest oil and gas services company Sapura Energy Bhd today said it would sell a 50% stake in its upstream business to Austria’s OMV. The proposed deal is based on an enterprise value of US$1.6 billion (RM6.64 billion), Sapura said, adding the companies have agreed to continue talks on an exclusive basis. “We have explored all options including the potential listing of our Upstream business,” Shahril Shamsuddin, Sapura’s president and CEO, said in a statement. Sapura has a market capitalisation of about US$484.5 million, while OMV has a valuation of about US$16.9 billion, Thomson Reuters data shows. Sapura’s Shahril said the strategic partnership with OMV will complement their continued strategy “to grow our portfolio and expand our acreage position”.

Source: Libya Today September 12, 2018 01:47 UTC