PETALING JAYA: GFM Services Bhd has signed a conditional share sale agreement to acquire a 60% stake in Shapadu Energy Sdn Bhd for RM30mil in cash from Shapadu Corp Sdn Bhd, strengthening its presence in the oil and gas facilities maintenance (O&G FM) sector.
This acquisition builds on GFM’s 2023 purchase of Highbase Strategic Sdn Bhd (Highbase), another O&G FM player.
Shapadu Energy, via its unit Shapadu CR Asia, holds a key turnaround maintenance contract (TA4MS) with Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively known as PRefChem), a joint venture between Petroliam Nasional Bhd and Saudi Aramco at the Pengerang Integrated Complex.
With this deal, GFM will gain greater access to large-scale, complex projects at PIC, leveraging Shapadu Energy’s resources and expertise.
The combined operations of Shapadu Energy and Highbase are expected to create operational synergies, enhance efficiency, and reduce costs.
Upon completion, GFM will own 60% of Shapadu Energy, with Shapadu Corp retaining 40%. The deal is expected to be completed in the second half of 2025, funded via internal resources and/or borrowings.