INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date : 13 February 2020

MATERIAL LITIGATION Demand notices from PRPC Utilities and Facilities Sdn Bhd

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Demand notices from PRPC Utilities and Facilities Sdn Bhd

In relation to the Bursa Announcement dated 13th September 2019, Barakah Offshore Petroleum Berhad (“BARAKAH”) has been served on 12th February 2020 with Writ of Summons and Statement of Claim both dated 7th February 2020 for the amount of RM85,203,274.96  by PRPC Utilities and Facilities Sdn Bhd  (“PRPC”). The Writ of Summons and Statement of Claim has been served on BARAKAH being the Parent Guarantor provided under a Contract referred to as Contract No. PC14-CON-K-0001-0701 Utilities, Interconnecting, Offsite (UIO) Facilities Procurement, Construction & Commissioning (PCC) of Underground Pressurized Non Metallic Piping Firewater Network East Side (hereinafter referred to as P14 Contract). The case management date has been fixed on 21st February 2020. Barakah has previously issued a letter via its firm of solicitors M/s Ram Reza & Muhammad, dated 22nd August 2019 disputing such claim. In addition to the Writ of Summons proceeding, the said amount of RM85,203,274.96 is also claimed against PBJV Group Sdn Bhd (“PBJV”) by PRPC via Arbitration proceeding. Currently, BARAKAH has no expectation to incur any monetary damages which may result from the current Writ of Summons proceedings and/or Arbitration except legal expenses to dispute the claims.

 

This announcement is dated 13 February 2020.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 13 Feb 2020
Category General Announcement for PLC
Reference Number GA1-13022020-00042


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