INVESTOR RELATIONS

FORM OF NOTICE OF CONVERSION OF 5-YEAR 3.5% REDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("RCULS" OR "BARAKAH-LA")

BURSA ANNOUNCEMENTS
Date : 18 March 2019

OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY") - CLARIFICATION ON A NEWS ARTICLE APPEARING IN THE EDGE MALAYSIA BUSINESS AND INVESTMENT WEEKLY PUBLICATION FOR THE PERIOD FROM 18 - 24 MARCH 2019 ENTITLED "BARAKAH SEEKS TO RESTRUCTURE RM726 MIL DEBT"

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY")

- CLARIFICATION ON A NEWS ARTICLE APPEARING IN THE EDGE MALAYSIA BUSINESS AND INVESTMENT WEEKLY PUBLICATION FOR THE PERIOD FROM 18 - 24 MARCH 2019  ENTITLED "BARAKAH SEEKS TO RESTRUCTURE RM726 MIL DEBT"

Reference is made to the news article entitled "Barakah seeks to restructure RM726 mil debt” appearing in The Edge Malaysia Business and Investment Weekly publication for the period from 18 - 24 March 2019.

 

The Board of Directors of Barakah (“Board”) wishes to clarify that the Company is still in the midst of formulating a debt restructuring scheme to settle the Group’s debt. At this juncture, the actual amount of debt to be restructured has yet to be determined.  It is to be noted that based on our fourth quarterly (4th) unaudited financial report for the financial period ended 31 December 2018, Barakah and its subsidiaries recorded a total liabilities of RM335.6 million.

 

As announced by the Company on 6 March 2019, the High Court of Malaya at Kuala Lumpur 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 Companies Act 2016.

 

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, namely 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.

 

No definite or conclusive terms have been agreed upon with any of the lenders and creditors of Barakah Group. An appropriate announcement will be made by the Board in the event that the finalised debt restructuring scheme is agreed upon.

 

The Board is cognisant of the need for proper dissemination of information to the public and will release an announcement on Bursa Malaysia Securities Berhad (“Bursa Securities”) on any material information on a timely basis as required by the Main Market Listing Requirements of the Bursa Securities.

 

This announcement is dated 18 March 2019.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 18 Mar 2019
Category General Announcement for PLC
Reference Number GA1-18032019-00074


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