【319股市】 Sapura Energy jumps 14% on appointing restructuring specialist Borrelli to board
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KUALA LUMPUR (March 29): Shares in cash-strapped oil and gas service provider Sapura Energy Bhd jumped 14.29% in active trade at mid-morning on Tuesday (March 29) after it had appointed restructuring specialist Cosimo Borrelli as its non-independent and non-executive director effective last Friday (March 25).
At 10.55am, Sapura Energy rose 0.5 sen to four sen with 113.8 million shares done. The stock had earlier risen to a high of 4.5 sen.
In a Bursa Malaysia filing last Friday, the group said the Australian specialist is currently the leader of the Asia-Pacific and the Caribbean restructuring practice of Kroll.
He is also a well-known restructuring and insolvency practitioner in Asia having worked exclusively in this area since 1990, Sapura Energy said.
“Cosimo Borrelli is also well regarded for his work as an independent director to listed companies internationally, especially those undergoing or targeting turnarounds, mergers and acquisitions, divestments and special situations.
“Borrelli’s assignments often have a cross-border focus, including work in Hong Kong, China, Singapore, India, Taiwan, Malaysia, Australia, the US, the UK, Europe, Bermuda, the British Virgin Islands, the Cayman Islands and Africa,” it elaborated.
Borrelli, 55, holds a Bachelor of Arts in Economics from the University of Adelaide, Australia.
On March 18, Sapura Energy saw its net loss for the fourth quarter ended Jan 31, 2022 (4QFY22) widen to a staggering RM6.61 billion, compared with a loss of RM216.03 million a year prior, largely due to impairment on goodwill worth RM3.29 billion and impairment on property, plant and equipment worth RM2.1 billion.