Petronas Gas Bhd has entered into a shareholders agreement with Sabah Energy Corporation Sdn Bhd, which will see the latter subscribing to one ordinary share of RM1,000 each in Regas Terminal (Lahad Datu) Sdn Bhd (RGT).
In a filing to Bursa Malaysia, Petronas Gas said the agreement further provides option for Sabah Energy Corp to subscribe for up to 20 per cent equity in RGT within a stipulated time period.
The option for the subscription is up to 12 months of the commercial operation date of the facilities, failing which, the subscribed share by Sabah Energy Corp up to the said date as well as the right to subscribe to the 20 per cent equity will revert back to Petronas Gas.
RGT, a wholly-owned subsidiary of Petronas Gas, is currently a dormant company that was incorporated to undertake the construction and development of the liquefied natural gas regasification facilities in Lahad Datu, Sabah.
The facilities are expected to be completed in 2015 and will have a send out capacity of 0.76 million tonnes per annum.
-- BERNAMA