OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY") - DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("LISTING REQUIREMENTS") ("DEFAULT IN PAYMENT")
| BARAKAH OFFSHORE PETROLEUM BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY")
- DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("LISTING REQUIREMENTS") ("DEFAULT IN PAYMENT") |
|
Reference is made to the announcements made by the Company on 21 May 2019, 1 July 2019, 1 August 2019, 23 August 2019, 3 September 2019 and 1 October 2019 (collectively “Announcements”) in relation to the default in payment pursuant to Paragraph 9.19A of the Listing Requirements. Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the Announcements.
The Company wishes to inform that on 22 October 2019, its wholly-owned subsidiary, KL101 had received a notice of termination, recall and demand dated 22 October 2019 from EXIM Bank. EXIM Bank is now exercising its right to recall and/or terminate the Facility Agreements. An amount of USD43,589,775.92 as at 15.10.2019 has been stated in the notice being total amount due and owing by KL101 to EXIM Bank.
The Company is still in the midst of formulating a plan to regularise its financial conditions that will include proposals to address this default.
This announcement is dated 23 October 2019. |
|
Announcement Info
| Company Name | BARAKAH OFFSHORE PETROLEUM BERHAD |
| Stock Name | BARAKAH |
| Date Announced | 23 Oct 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-23102019-00040 |