INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date : 02 October 2019

MATERIAL LITIGATION BARAKAH OFFSHORE PETROLEUM BERHAD - NOTICE OF DEMAND TO PETRONAS GAS BERHAD ("PGB")

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
BARAKAH OFFSHORE PETROLEUM BERHAD
- NOTICE OF DEMAND TO PETRONAS GAS BERHAD ("PGB")

The Company wishes to inform that its wholly-owned subsidiary company, PBJV Group Sdn Bhd (“PBJV”) has, through its firm of Advocates and Solicitors, Messrs Dinesh Praveen Nair, served a Notice of Demand to Petronas Gas Berhad (“PGB”) on 2 October 2019 for a sum of RM179,843,379.10 (“the NOD”).

 

The basis of PBJV’s claims are as follows:

 

(a) The loss and expenses incurred under Extension of Times (“EOTs”) by PBJV under the Project known as “Procurement, Construction and Commissioning (PCC) of Pengerang Gas Pipeline Project” (formerly known as Procurement, Construction and Commissioning of RGT2 Pipeline Project) (“the Project”) in a sum of RM 30,437,280.00;

 

(b) PBJV’s loss of the balance of the Contract Price of the Project arising from and in connection with the signing of the Global Settlement Agreement (“GSA”) in the sum of RM 24,483,822.80;

 

(c) Three (3) Change Notices submitted by PBJV to PGB for the Project in a sum of RM23,522,276.30; and

 

(d) PBJV’s projected loss of revenue arising from and in connection with the suspension of PBJV’s Petronas Licence estimated in the sum of RM101,400,000.00.

 

PBJV has further stated in the NOD that in the event PGB fails, refuses, and/or neglects to pay the said sum of RM179,843,379.10 to PBJV within fourteen (14) days from the date of service of the NOD, PBJV will commence all legal proceedings against PGB without further reference to PGB, in which PGB shall be liable for further costs and interest.

 

This announcement is dated 2 October 2019.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 02 Oct 2019
Category General Announcement for PLC
Reference Number GA1-02102019-00048


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