(Unless otherwise stated, abbreviations and definitions used herein shall have the same meanings as defined in the Announcement dated 8 July 2019.)

Reference is made to the Announcement dated 8 July 2019 in relation to the Proposed Regularisation Plan.

On behalf of the Board of Directors of Barakah (“Board”), MIDF Amanah Investment Bank Berhad wishes to announce that due to the suspension of the licence held by its wholly-owned subsidiary, PBJV Group Sdn Bhd (“PBJV”) from Petroliam Nasional Berhad, the Board is of the view that it will be challenging for Barakah to implement its Proposed Regularisation Plan. As such, Barakah and Lecca Group Pte Ltd (“Lecca”) have, on 14 October 2019, mutually agreed to terminate the following agreements (“Letters of Termination”) which were entered into as part of its Proposed Regularisation Plan:

(a) The conditional memorandum of agreement between Kota Laksamana 101 Ltd, a wholly owned subsidiary of PBJV, which in turn is a wholly-owned subsidiary of Barakah and Lecca dated 8 July 2019 for the disposal of the Pipe Lay Barge for a cash consideration of USD21.00 million or approximately RM88.00 million; and
(b) The subscription agreement entered into between Barakah and Lecca dated 8 July 2019 pursuant to the Proposed Placement.

The Board will continue to explore other avenues to formulate a plan to regularise its financial conditions. Further announcement will be made as and when necessary to Bursa Securities with regards to the development of the above matter in accordance with the requirements under PN17 of the Listing Requirements.

A copy of the Letters of Termination are available for inspection by the registered shareholders of Barakah at the registered office of the Company at Lot 6.08, 6th Floor, Plaza First Nationwide, No. 161 Jalan Tun H.S. Lee, 50000 Kuala Lumpur during normal business hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this Announcement.

This announcement is dated 14 October 2019.