INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date : 16 August 2019

MATERIAL LITIGATION

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-15082019-00001
Subject MATERIAL LITIGATION
Description 
Reply to the query from Bursa Malaysia Securities Berhad - Demand notices from PRPC Utilities and Facilities Sdn Bhd
Query Letter Contents

We refer to your Company’s announcement dated 13 August 2019 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

(1)

Whether PBJV is a major subsidiary;

 

 

(2)

The financial and operational impact on the group; and

 

 

(3)

The expected losses (other than the amount of RM85,203,274.96), if any, arising from the demand notices.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,
 

 

 

WAN CHOON YEN
Assistant Vice President, Issuers,
Listing

Regulation
 

TGG

Cc : Market Surveillance Dept. , Securities Commission (via fax)

(Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the announcement dated 13 August 2019).

 

Further to the announcement dated 13 August 2019 in respect of the demand notices from PRPC to BARAKAH and PBJV for a sum of RM85,203,274.96, the Company wishes to provide the following additional information in relation to the said demand notices:-

 

1)  PBJV is a major subsidiary of the Company.

2)  Save for the potential loss from the amount claimed, the demand notices are not expected to cause any other financial impact nor affect the continuing operation of BARAKAH and PBJV.

3)  The potential loss from the demand notices could be up to the claimed amount plus any interest, legal and court administrative costs.

4)  BARAKAH and PBJV are currently in consultation with their appointed legal firm to discuss on their legal options.

 

The Company will make announcement on further development of the above matters in due course.

 

This announcement is dated 16 August 2019.


Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 16 Aug 2019
Category General Announcement for PLC
Reference Number GA1-16082019-00036


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