WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY") - RESTRAINING ORDER PURSUANT TO SECTION 368 OF THE COMPANIES ACT 2016
BARAKAH OFFSHORE PETROLEUM BERHAD |
Type | Announcement |
Subject | WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR |
Description | BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY") - RESTRAINING ORDER PURSUANT TO SECTION 368 OF THE COMPANIES ACT 2016 |
Reference is made to the announcements made by the Company on 16 October 2018 and 15 January 2019 in relation to the restraining order pursuant to Section 368 of the Companies Act 2016 (“Act”) (“Restraining Order”). On behalf of the Board of Directors of Barakah (“Board”), MIDF Amanah Investment Bank Berhad wishes to announce that the High Court of Malaya at Kuala Lumpur (“Court”) had on 6 March 2019 granted, amongst others, the following: (a) the Restraining Order be extended for a further period of 90 days commencing from 14 January 2019; (b) contingent creditors be expressly excluded from the Restraining Order; and (c) Encik Sulaiman bin Ibrahim be approved to act as director of the Company pursuant to Section 368(2)(d) of the Act. The Restraining Order was applied as one of the proactive measures taken by Barakah to manage the debt levels of the Company and its wholly-owned subsidiary PBJV Group Sdn Bhd (collectively known as “Barakah Group”) and the Restraining Order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the Company. Further development will be announced to Bursa Malaysia Securities Berhad in due course. This announcement is dated 6 March 2019. |
Announcement Info
Company Name | BARAKAH OFFSHORE PETROLEUM BERHAD |
Stock Name | BARAKAH |
Date Announced | 06 Mar 2019 |
Category | General Announcement for PLC |
Reference Number | GA1-06032019-00072 |