The Board of Directors of Barakah wishes to announce that its wholly-owned subsidiary PBJV Group Sdn Bhd (“PBJV”) had today applied to the High Court of Malaya at Kuala Lumpur pursuant to Sections 366 and 368 of the Companies Act 2016 (“the Act”) and have been granted, inter alia, the following orders:-

(a) An approval to call for Creditor’s Meeting (hereinafter “the Creditors’ Meeting”) pursuant to Section 366 (1) of the Companies Act 2016 (hereinafter “the Act”) for the purpose of taking into account and if deemed appropriate, to approve with or without modification, a proposed scheme of arrangement and compromise between the Applicant and its Creditors (“the Scheme Creditors”); and

(b) A Restraining Order of all proceedings in any action and/or any proceedings against PBJV, including but not limited to enforcement of any security, the commencement of winding up proceedings and/or appointment of receiver and/or manager over PBJV’s assets for a period of 3 months from the date of the order except with leave of Court and subject to any terms the Court may impose.

The Order shall commence on 19 May 2020 and shall be in effect for a period of three (3) months.

The Order was applied for as part of proactive measure by PBJV to manage the debt levels of PBJV and its related companies (“Barakah Group”) and the Order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against PBJV.

The restraining order is not envisaged to have any material financial and operational impact to the Barakah Group.

Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 19 May 2020.