On September 28th, 2022, Kvalitena AB (publ), Reg. No. 556527-3314, a company incorporated and registered in Sweden ("Kvalitena"), entered into a Share Purchase Agreement with vehicles managed by the Starboard group ("Starboard") in which Kvalitena sold approximately 10% (ten percent) of the shares issued by Maha Energy AB (publ), Reg. No. 559018-9543, a public limited liability company incorporated under the laws of Sweden ("Company"), to Starboard.
Starboard is a Brazilian investment management firm with offices in São Paulo, Rio de Janeiro, and Madrid. Its extensive experience and credibility with market participants in the Brazilian space allow Starboard to find unique investment opportunities and provide solutions to highly complex situations. Starboard's expertise has enabled the development of a successful strategy in energy and oil and gas assets, such as 3R Petroleum Óleo e Gás S.A. (a publicly held company in Brazil) and Gemini Energy S.A.
Starboard has a partnership with Apollo Global Management, a leading global alternative investment manager, with Apollo holding a minority stake in Starboard.
Through the conclusion of the transaction, Starboard will be the largest shareholder of the Company and will act, jointly with Kvalitena and other stakeholders, in the implementation of a strategy to create value for the Company.
Paulo Thiago Mendonça, Managing Director of the Starboard group, stated, "Starboard is confident in the quality of Maha's assets and intends to ramp up production of cash flow-oriented assets. Starboard will pursue the creation of an energy platform focused on dividend generation and value creation for the shareholders”.
Seth Lieberman, Chairman of Kvalitena stated “We are extremely pleased to have Starboard join Kvalitena as a significant Maha shareholder. Starboard has an excellent track record of delivering on production targets, generating cash flow and creating & delivering value to shareholders”.
