KUALA LUMPUR: Facilities management company GFM Services Bhd
is in talks with Shapadu Corp Sdn Bhd and its wholly owned oil-and-gas services subsidiary Shapadu Energy Sdn Bhd to potentially acquire a 45% stake in Shapadu Energy for RM30mil in cash.
Under the proposed acquisition, GFM will subscribe to new ordinary shares in Shapadu Energy for RM10mil, representing 15% equity stake, as well as acquire 30% of equity interest directly from Shapadu Corp for RM20mil.
GFM and Shapadu will also enter into a put and call option agreement, which grants GFM the right to sell its shares in Shapadu Energy back to Shapadu Corp, and conversely Shapadu Corp the right to purchase GFM’s shares in Shapadu Energy.
If exercised, the consideration will involve a combination of the issuance of shares and redeemable convertible preference shares (RCPS) in Shapadu CR Asia.
