15 July 2011

 Sapuracrest Petroleum and Kencana Petroleum have proposed a RM12 billion (S$4.9 billion) merger to form a full-fledged integrated oil and gas company capable of undertaking more complex projects with a view to capturing a larger slice of Malaysia's booming oil and gas work. The assets and liabilities of both companies are to be acquired by special purpose vehicle Integral Key Sdn Bhd (IKSB) which will be listed following the completion of the deal, according to a filing to the exchange yesterday by Sapura and Kencana.