SHAH ALAM (March 28): ACE Market listed KEY WEST GLOBAL TELECOMMUNICATIONS BHD and Maryland International Offshore Ltd have acquired Manjung Niaga Sdn Bhd (MNSB) for US$52.5 million as part of the Key West's plan to position itself as an oil and gas player.
Key West executive director Stephen Ng said on Wednesday MNSB owns 95% of PT Formasi Sumatera Energi (PT FSE) which in turn owns a 15-year joint operational right to reactivate and optimise the production of petroleum resources in the Tanjung Tiga Timur field in South Sumatera, Indonesia.
Speaking after a signing ceremony between Key West and Maryland Offshore, he said the company plans to finance the deal via a new issuance of shares amounting US$24.5 million and US$28 million in cash.
The group, which initially was focused on the telecommunications industry, had recently disposed of its telco divisions and is now positioning itself as an oil and gas player.
"Based on the current oil price of US$125 per barrel, our latest venture will bring in revenue of more than RM3.485 million a month," Ng said.
Key West executive director Stephen Ng said on Wednesday MNSB owns 95% of PT Formasi Sumatera Energi (PT FSE) which in turn owns a 15-year joint operational right to reactivate and optimise the production of petroleum resources in the Tanjung Tiga Timur field in South Sumatera, Indonesia.
Speaking after a signing ceremony between Key West and Maryland Offshore, he said the company plans to finance the deal via a new issuance of shares amounting US$24.5 million and US$28 million in cash.
The group, which initially was focused on the telecommunications industry, had recently disposed of its telco divisions and is now positioning itself as an oil and gas player.
"Based on the current oil price of US$125 per barrel, our latest venture will bring in revenue of more than RM3.485 million a month," Ng said.
