KUALA LUMPUR, May 16 (Reuters) - Malaysia's Sapura Group will sell its oil and gas unit to Crest Petroleum Bhd following its plan to take a 39 percent stake in Crest, the Star newspaper said on Friday.
Quoting unnamed sources, the daily said the automotive, energy and telecoms group would inject its wholly owned Sapura Energy Sdn Bhd into Crest to rationalise its oil and gas activities.
The group unveiled plans to buy 39 percent of Crest early this year. Its listed unit, Sapura Telecommunication Bhd , agreed to pay 105 million ringgit ($28 million) cash and promised to buy out all other Crest investors in a deal that could cost it an extra 200 million ringgit.
Crest shares were flat at 3.54 ringgit by 0200 GMT, while Sapura Telecommunications gained 1.82 percent to 1.68 ringgit.
($1=3.80 ringgit)