Santos Limited
(ASX:STO) has appointed a new CEO and announced the results of a strategic review.
Kevin Gallagher, current CEO of Clough Limited will start with Santos in early 2016.
Meanwhile the strategic review has identified $3.5 billion in capital initiatives to strengthen up the ailing gas company’s balance sheet.
Santos will sell its 35 per cent interest in the Kipper Gas field to Mitsui for $520 million. There will be a $500 million private placement at a 15% premium to a Chinese private equity firm and a $2.5 billion Entitlement Offer.
Santos reported a net profit of $37 million for the 2015 financial year.
