Sapura Energy Berhad (“SEB”) has officially changed its name to Vantris Energy Berhad (“Vantris Energy” or “the Company”), to reflect the cumulative effort the Company has made in its corporate transformation. This follows shareholder approval at an Extraordinary General Meeting (“EGM”) held on 30 July 2025.

In a separate EGM on the same day, shareholders also overwhelmingly approved the Company’s Proposed Regularisation Plan (“PRP”) – a key step in its financial and operational turnaround.

The new name takes effect on 1 August 2025, following the issuance of a Certificate of Incorporation on Change of Name of Company by the Companies Commission of Malaysia.

The name Vantris Energy reflects the Group’s renewed purpose and identity. “Van” is derived from “vanguard,” symbolising being at the forefront and moving forward with purpose. “Tri” signifies the Company’s commitment to its three core values, three principles and three business pillars. The “S” encapsulates its brand promise: “Solutions Delivered Safely”. ‘Energy’ grounds the name in its core sector and the drive of its people.

“The idea for the name came from our own people – we receive over 200 submissions and Vantris Energy emerged as the top choice,” explained Vantris Energy Group Chief Executive Officer Muhammad Zamri Jusoh. “It marks a new chapter for our Company, honours our journey, and represents the trust we aim to rebuild with stakeholders.”

The name change coincides with the Company’s impending implementation of its PRP, which received over 99 percent shareholder approval, reflecting strong support for the Group’s turnaround.

The PRP, approved by Bursa Malaysia Securities Berhad in June 2025, comprise four core components: capital reconstruction, debt restructuring, fundraising, and a proposed exemption. Together, these measures are designed to restore the Company’s financial health, support operational recovery, and facilitate an eventual exit from Practice Note 17 (“PN17”) `status.

Under the capital reconstruction exercise, the Company will undertake a 99.99 percent capital reduction to offset accumulated losses, together with a 20-to-1 share consolidation.

As part of the debt restructuring, total borrowings will be reduced from RM10.8 billion to approximately RM5.6 billion, resulting in a projected reduction of over RM500 million in interest expense. This significant deleveraging positions the Company to return to profitability and rebuilds confidence with clients and financiers.

Malaysia Development Holding Sdn Bhd (“MDH”) will subscribe up to RM1.1 billion in redeemable convertible loan stocks (“RCLS”) as part of the fundraising exercise. The proceeds will be used to settle outstanding payments to Malaysian oil and gas vendors, reaffirming the Group’s commitments to its ecosystem. Shareholders also approved an exemption for MDH and its Persons Acting in Concert (“PACs”) from undertaking a mandatory general offer should the RCLS be fully converted into shares.

Commenting on the outcome, Muhammad Zamri said, “We are deeply encouraged by the strong mandate from our shareholders. We are also glad that shareholders have actively exercised their rights and played a decisive role in shaping the Company’s future. With these approvals, Vantris Energy is now in a stronger position to move forward with renewed focus, financial strength, and purpose.”

Vantris Energy will now prioritise the phased implementation of the PRP, targeting an exit from PN17 status after achieving two consecutive quarters of profitability.