KENCANA PETROLEUM BHD [] and SAPURACREST PETROLEUM BHD [] could be looking at a merger in which shares of both companies would be absorbed by a newco and shareholders of the both the entities will get shares in the new company.
The merger would see the combined entity having a combined market capitalisation of more than RM10.87 billion, based on the pre-suspension prices.
Trading in the securities of Kencana and SapuraCrest had been halted from 9am to 5pm on Monday, July 11 pending a material announcement.
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