CORP BRIEF: Sapura Energy, Axiata, CTOS and TAFI


It is business as usual for Sapura Energy 

SAPURA Energy Bhd clarified that its operation is still a going concern and continues to execute 59 projects globally with all its operating licenses and clients remaining intact. In a statement yesterday, the company said its exploration and production business, operated through SapuraOMV, continues to produce gas at a rate of 34-kilo barrels of oil equivalent per day. Sapura acknowledged that the group is currently facing short-term cashflow and liquidity issues, and it has taken and will continue to take decisive actions to resolve the current liquidity issue.

Axiata provides RM84.6m loan to edotco 

AXIATA Group Bhd has entered into a shareholder’s loan agreement of US$20 million (RM84.6 million) with its subsidiary, edotco Group Sdn Bhd. In a filing to Bursa Malaysia yesterday, Axiata said the shareholder loan is a loan to be disbursed by the company to edotco and is intended for the latter to inject further capital into edotco Tower Pakistan Pte Ltd. The shareholder loan will have a tenure of 12 months which will end on Dec 7, 2022. — Bernama

CTOS Digital increases stake in RAM 

CTOS Digital Bhd acquired an additional 3.5% stake in RAM Holdings Bhd for a purchase consideration of RM7.6 million, bringing the group’s total shareholdings in RAM to 8.1% to date. The group in a statement yesterday said the acquisition of 350,000 shares or 3.5% stake of RAM, the market leader in the bond rating industry, from Standard Chartered Bank Malaysia Bhd. The purchase will be fully funded by cash proceeds raised from the group’s recent IPO. The group had previously acquired 462,500 shares or 4.6% stake in RAM in July 2021.

TAFI secures RM30m construction contract 

TAFI Industries Bhd’s wholly-owned unit, TAFI Home & Office Sdn Bhd, has been awarded a RM30 million contract from Buana Tunggal Sdn Bhd for construction-related works including mechanical and electrical works to complete a mixed commercial development project at Permas City, Johor Baru. In addition to the RM30 million award sum, TAFI Home & Office shall also be entitled to a 30% share of the net gross development value proceeds of certain units of properties under the Permas City project which is estimated to be around RM6 million, TAFI said in a filing to Bursa Malaysia yesterday.