KUALA LUMPUR, Nov 3 ― Tan Sri Mokhzani Mahathir, the son of the former prime minister turned Opposition leader, is believed to be selling his entire stake in Sapura Energy Bhd, at a time when global oil prices are rebounding.
Mokhzani reportedly holds 10.1 per cent of the oil-and-gas services firm or approximately 605 million shares, with The Star Online reporting that he has appointed Maybank Investment Bank to handle the private placement sale.
It added that the sale could raise as much as RM905 million for the billionaire son of Tun Dr Mahathir Mohamad, based on the discounted offer price.
Sapura Energy is currently trading at RM1.47 or down 1.34 per cent in early trade.
The sale could mark Mokhzani's complete exit from the O&G industry in which he made the bulk of his fortune.
Last year, he also exited Yinson Holdings that provides floating platforms and vessels for O&G exploration.
Dr Mahathir had been chairman of state oil firm Petronas until his removal last year.
