Submitting Merchant Bank
:
MAYBANK INVESTMENT BANK BERHAD
Company Name
:
PETRA ENERGY BERHAD
Stock Name
:
PENERGY  
Date Announced
:
29/01/2013


Type
:
Announcement
Subject
:
OTHERS

Description
:
PETRA ENERGY BERHAD ("PEB")

(I) SUBSCRIPTION OF 6,000,000 NEW ORDINARY SHARES OF RM1.00 EACH IN COASTAL ENERGY KBM SDN BHD ("CEKSB"), REPRESENTING 30% OF THE ENLARGED EQUITY INTEREST IN CEKSB BY PETRA ENERGY DEVELOPMENT SDN BHD (FORMERLY KNOWN AS PETRA AWT SDN BHD) ("PED"), A WHOLLY-OWNED SUBSIDIARY OF PEB FOR A CASH CONSIDERATION OF RM6.00 MILLION ("SHARE SUBSCRIPTION");

(II) COMPOSITE SHAREHOLDERS AND CONTRACTORS OPERATING AGREEMENT IN RELATION TO CEKSB, ENTERED INTO BETWEEN CEKSB, PEB, PED AND CEC INTERNATIONAL LTD ("CECI") (INCLUDING THE GRANTING OF THE CALL OPTION BY PED TO CECI AND THE PUT OPTION BY CECI TO PED) ("SHAREHOLDERS' AGREEMENT");

(III) PROPOSED PROVISION OF FINANCIAL ASSISTANCE BY PED AND/OR PEB TO CEKSB BY WAY OF SHAREHOLDERS' LOANS/ADVANCE AND/OR GUARANTEE(S); AND

(IV) PROPOSED DIVERSIFICATION IN OPERATIONS CARRIED ON BY PEB AND ITS SUBSIDIARIES PURSUANT TO THE PROPOSED SHARE SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT

((I), (II), (III) AND (IV) COLLECTIVELY REFERRED TO AS "PROPOSALS")

Announcement Details/Table Section :


(Reference is made to the announcements made on 20 September 2012, 21 September 2012, 28 September 2012, 10 October 2012, 30 October 2012, 2 November 2012, 19 November 2012, 26 November 2012, 12 December 2012 and 22 January 2013 in relation to the Proposals ("Announcements"). Unless the context otherwise requires, all expressions used herein shall have the same meanings assigned thereto in the Announcements.)

On behalf of the Board, Maybank IB is pleased to announce that all the conditions precedent set out in the Shareholders' Agreement have been fulfilled on 25 January 2013 with PED becoming the registered shareholder of the 6,000,000 CEKSB Shares.

This announcement is dated 29 January 2013.


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