SINGAPORE (Sept 3): Sapura Energy lost RM1.08 billion ($358.6 million) in market capitalisation in the afternoon session on Aug 24 when its share price plunged to a record low after the group announced plans to raise up to RM4 billion via a deeply discounted rights issue to pare its debt and strengthen its core position for future growth.

While investors are well aware that its balance sheet needs rejuvenating, the heavy selldown may have been partly due to expectations that the fundraising would be done via the listing of its exploration and production (E&P) business rather than the announced cash call.

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