OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD (BARAKAH OR THE COMPANY) VALUATION OF NON-CURRENT ASSETS INCORPORATED INTO FINANCIAL STATEMENTS OF BARAKAH
BARAKAH OFFSHORE PETROLEUM BERHAD |
Type | Announcement | ||||||||||||||||||
Subject | OTHERS |
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Description | BARAKAH OFFSHORE PETROLEUM BERHAD (BARAKAH OR THE COMPANY) VALUATION OF NON-CURRENT ASSETS INCORPORATED INTO FINANCIAL STATEMENTS OF BARAKAH |
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1. INTRODUCTION
Pursuant to Paragraph 9.19(46) and Part H of Appendix 9A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Barakah ("Board") had approved the incorporation of the revaluation deficit of approximately USD39 million (RM161.1 million) in the consolidated financial statements of Barakah for the financial period ending 31 May 2019.
2. PURPOSE OF VALUATION
The valuation was carried out to as one of the proactive measures taken by Barakah to manage and restructure the debt levels of the Group and to ascertain the fair value of the PPE of the Group for accounting purposes pursuant to Malaysian Financial Reporting Standards ("MFRS") 116: Property, Plant and Equipment.
3. REVALUATION DEFICIT, NAME OF VALUER, DATE OF VALUATION AND VALUATION ON PPE BY VALUER
Notes:
# 1USD : RM4.171. * Based on an estimated fair market value on KL101 as assessed by Maphilindo-Insight Sdn. Bhd. of between USD20 million and USD23 million.
4. EFFECT OF THE REVALUATION DEFICIT ON THE NET ASSETS PER SHARE
The recognition of the revaluation deficit of approximately USD39 million (RM161.1 million) will result in a decrease in net assets per share as at 31 May 2019.
5. DOCUMENTS FOR INSPECTION
The valuation report is available for inspection at the registered office of Barakah at Lot 6.08, 6th Floor Plaza First Nationwide, No. 161 Jalan Tun H.S. Lee 50000 Kuala Lumpur, during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 21 May 2019. |
Announcement Info
Company Name | BARAKAH OFFSHORE PETROLEUM BERHAD |
Stock Name | BARAKAH |
Date Announced | 21 May 2019 |
Category | General Announcement for PLC |
Reference Number | GA1-21052019-00047 |