KUALA LUMPUR: SapuraKencana Petroleum Bhd has signed a seven-year multi-currency financing facilities of about US$1.5 billion (RM6.69 billion) equivalent with a consortium of Malaysian, regional and international banks. In a statement yesterday, the integrated oil and gas services provider said the proceeds raised will be used to partially refinance existing borrowings. It said the refinancing exercise, undertaken by its wholly-owned subsidiary SapuraKencana TMC Sdn Bhd, is part of the group’s proactive capital management initiative to support its global operations. SapuraKencana’s share price closed four sen or 2.13% higher at RM1.92 yesterday, with 15.84 million shares traded, with a market capitalisation of RM11.5 billion. The counter has been on an upward trend since the end of November, rising by more than 36% in value.

Source: The Edge Markets February 23, 2017 01:30 UTC