Tanjung Offshore will undertake a major fund-raising exercise,

PETALING JAYA: Oil and gas (O&G) player Tanjung Offshore Bhd will undertake a major fund-raising exercise, comprising a bond issue and share placement, to acquire a controlling stake in a foreign O&G firm, sources said.

StarBiz had reported on June 11 that Tanjung Offshore was in the final stages of acquiring a controlling stake in a foreign O&G company that owns and manages several offshore oil rigs for close to RM1bil.