TAN Sri Halim Saad's Markmore Energy (Labuan) Ltd has received a RM300 million credit facility from Exim Bank of Malaysia Bhd to help fund the purchase of an oil and gas asset in Kazakhstan.
Exim Bank's role is to promote reverse investments and facilitate the entry of Malaysian firms into new markets.
The bank was formed in 1985 and is fully owned by the Minister of Finance Inc.
Financial advisers to the former star of corporate Malaysia said Halim is looking at two alternatives for his second major Kazakhstan deal in less than 15 months.
Halim regained some of his glitter this year, following the bullish performance by Sumatec Resources Bhd on the stock market.
In August last year, Sumatec inked an agreement with Markmore for a product-sharing contract at Kazakhstan's Shelly oil field .
The contract, which will end on August 25 2025, was used as the cornerstone for a restructuring plan to save the then-cash-strapped Sumatec from being delisted from the stock exchange.
In return, Halim, who once helmed Renong Bhd, got control of more than 25 per cent of the company, and subsequently Sumatec made a cash call and placement plan, which could bring in as much as RM460 million to the company.
The exercise, which is almost completed, will see Sumatec reducing its par value by 50 per cent, resulting in its paid-up capital base rising from RM37.5 million to RM75.02 million.
Markmore's second oil field is in the same region as the first one, and according to Halim's financial advisers, the tycoon will leave it until the last minute before deciding how to maximise the value of the asset.
Sumatec is scheduled to have its board meeting on November 21, and Halim will have to decide by then if Sumatec will be in the second Kazakhstan venture or whether he will replicate the Sumatec model on some other struggling public-listed firm.