Govt's RM1.1bil investment injection into Sapura Energy a 'beacon of hope', say vendors

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The Star 9h ago

Govt's RM1.1bil investment injection into Sapura Energy a 'beacon of hope', say vendors - The Star

Quick Summary:

KUALA LUMPUR: The government's RM1.1bil investment in Sapura Energy Bhd (SEB) is a crucial lifeline for vendors grappling with severe cash flow challenges due to outstanding payments, amounting to approximately more than RM10mil, offering a much-needed boost to the local oil and gas ecosystem.

Rajendra also expressed that the investment injection could help restore confidence in the industry, ensuring project continuity and stabilising vendor operations.

Meanwhile, Classic Marine & Services (M) Sdn Bhd managing director Muhammad Khairul Rijal Khalid said his company understood that many industries were affected by the Covid-19 pandemic, and companies like SEB were no exception.