KUALA LUMPUR, Sapura Energy Bhd has officially rebranded as Vantris Energy Bhd, marking a significant step in its turnaround journey. The name change took effect on Friday (Aug 1), following shareholder approval at an extraordinary general meeting (EGM) held on Wednesday.
The rebranding comes as the financially distressed oil and gas services provider begins implementing its long-awaited regularisation plan aimed at exiting Practice Note 17 (PN17) status. Bursa Malaysia approved the plan in June, and it was endorsed by shareholders in a separate EGM on the same day.
Vantris Energy confirmed that the Companies Commission of Malaysia issued a Certificate of Incorporation for the name change on Friday, formalising its new corporate identity.
Group CEO Muhammad Zamri Jusoh said the rebrand marks a fresh start for the company. “It symbolises a new chapter, honours our journey, and reflects the trust we seek to rebuild with our stakeholders,” he said in a statement.
As part of its restructuring, Vantris Energy will carry out a 99.99% capital reduction to offset accumulated losses and a 20-to-1 share consolidation. The group’s debt will be slashed from RM10.8 billion to approximately RM5.6 billion, reducing annual interest costs by over RM500 million, or around 60%.
“This significant deleveraging positions the company for a return to profitability and helps restore confidence among clients and financiers,” the group stated.
To support the restructuring, the Ministry of Finance—via Malaysia Development Holding Sdn Bhd (MDH)—will subscribe up to RM1.1 billion in redeemable convertible loan stocks (RCLS), with proceeds earmarked to settle outstanding dues to Malaysian oil and gas vendors.
Shareholders also approved a waiver that allows MDH and its concert parties to avoid triggering a mandatory general offer if their RCLS conversion leads to a stake above 33%. If fully converted, MDH would become the largest shareholder, overtaking Permodalan Nasional Bhd (PNB), whose stake could fall from 40.43% to just over 5%.
The company plans to phase in its regularisation measures, aiming to exit PN17 status after achieving two consecutive quarters of profitability.
“We’re grateful for the strong support from shareholders. Their active participation reflects a shared commitment to shaping Vantris Energy’s future. With these approvals, we are now better positioned to move forward with renewed focus, stronger finances, and clear purpose,” said Zamri.
Once one of the region’s top oil and gas service providers, Sapura Energy was classified as a PN17 company in 2022 due to financial distress. Its recovery plan, led by MIDF Amanah Investment Bank Bhd as principal adviser, has been closely monitored by the market.
Meanwhile, the company’s transformation continues amid a family feud involving Sapura Holdings shareholders Datuk Shahriman Shamsuddin and Tan Sri Shahril Shamsuddin, who together hold a 9.18% stake. Shahriman resigned as a non-independent, non-executive director on June 25, citing other commitments.
Vantris Energy’s shares closed unchanged at four sen on Friday, giving it a market capitalisation of RM735.04 million.
