KUALA LUMPUR, Vantris Energy Bhd, formerly Sapura Energy Bhd, has appointed Adnan Zainol Abidin as its new chairman, effective Oct 1.
Adnan brings over 40 years of experience in the oil and gas sector, having previously served as chief operating officer at Petroliam Nasional Bhd and as executive vice-president and CEO of Petronas Gas Bhd (KL: PETGAS). He will succeed Shahin Farouque Jammal Ahmad, who steps down on the same date. Shahin currently serves as group head of strategic investments at Permodalan Nasional Bhd.
Vantris Energy also confirmed that Datuk Shahriman Shamsuddin, who resigned from the board in June, is no longer a substantial shareholder. This follows the completion of the group’s regularisation plan to exit Practice Note 17 (PN17) status, which included a capital reduction and debt restructuring, reducing borrowings from RM10.8 billion to RM5.6 billion. Shahriman’s stake was diluted to 0.02% after 1.36 billion settlement shares were issued on Sept 26. Previously, he and his brother, former president and group CEO Tan Sri Shahril Shamsuddin, held an 11.25% indirect interest via Brothers Capital Sdn Bhd.
The completion of the regularisation plan also saw the emergence of three major banks as Vantris Energy’s substantial shareholders: Malayan Banking Bhd (KL: MAYBANK) with 20.27%, CIMB Group Holdings Bhd (KL: CIMB) with 12.13%, and RHB Bank Bhd (KL: RHBBANK) with 7.21%. Shares of Vantris Energy closed 3.5 sen, or 6.6%, higher at 56.5 sen on Monday, giving the group a market capitalisation of RM1.29 billion.
