September 12, 2018 / 1:18 AM / 8 days ago

Malaysia's Sapura to sell 50 pct stake in production business to Austria's OMV

KUALA LUMPUR, Sept 12 (Reuters) - Malaysian oil and gas company Sapura Energy Bhd said on Wednesday it would sell a 50 percent stake in its production business to Austria’s OMV Aktiengesellschaft (OMV AG) in a deal valued at $1.6 billion.

“The invitation to enter into this strategic partnership with a leading oil and gas player serves our goals and aspirations better while providing certainty in timing and valuation,” Shahril Shamsuddin, Sapura Energy president and chief executive officer said in a statement.

Reporting by Joseph Sipalan; Editing by Amrutha Gayathri

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