Sapura Group president and chief executive officer Datuk Seri Shahril Shamsuddin will be the president and group chief executive officer of the merged SAPURACREST PETROLEUM BHD and KENCANA PETROLEUM BHD.
According to documents sighted by The Edge FinancialDaily, Sapura group chairman Datuk Hamzah Bakar will be the chairman of the new board while Kenaca’s executive chairman Datuk Mokhzani Mahathir will be appointed the executive vice chairman.
Both the president & group CEO and executive vice chairman will report directly to the board.
Currently, the integration committee for the merger exercise is jointly chaired by Shahril and Mokhzani.
Both companies will be seeking shareholders’ approval at an EGM on Dec 14 for the proposed merger. The Securities Commission has already given its go-ahead for the merger.
In July, the petroleum-related companies announced the merger which would be undertaken by Integral Key Sdn Bhd (IKSB), a special purpose vehicle. IKSB had then made a RM11.85-billion offer to acquire all their assets and liabilities in a share swap. The merger of equals will have a combined market capitalisation in excess of RM10 billion.
According to the documents, Shahril said the integration committee was set up to achieve a successful merger and to formulate the strategic direction of the new merged entity moving forward.
He had also said that it is “critical that we put in place a strong and dynamic organisational structure that would ensure business continuity and realisation of the synergies we hope to derive as a merged entity. I would like to assure each and everyone of you that you will continue to be an important part of the new organisation moving forward”.
