Oil and gas company SacOil has announced that it will receive a capital injection from Gairloch Limited amounting to more than US$80.2mn via a rights offer
According to the firm, the capital outlay will go into servicing its debt amounting to US$23.8mn, while the remaining amount of US$57.2mn will go into bolstering the firm’s balance sheet.
Tito Mboweni, new chairperson of SacOil, said some of this capital will be used to advance the company’s underlying assets in Malawi, DR Congo and Nigeria.
Roger Rees, interim chief executive of SacOil, said, “This is a rebirth of SacOil whereby the company will have a strong balance sheet and board, with a strong focus on corporate governance.”
