SapuraCrest Petroleum and Kencana Petroleum will create an integrated oil and gas company
Integral Key, a special purpose vehicle (SPV), will buy the Kencana business for M$5.97 billion ($1.97 billion) and the SapuraCrest business for M$5.87 billion. The deal will be settled through shares of Integral Key and cash. The price translates to M$3 for each Kencana share outstanding and M$4.60 for each SapuraCrest share. On Friday, the last trading day before the deal was announced, Kencana traded at M$2.80 and SapuraCrest at M$4.50 on the Bursa Malaysia. Integral Key intends to subsequently delist both companies from the stock exchange.
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