WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY") - RESTRAINING ORDER UNDER SECTIONS 366 AND 368 OF THE COMPANIES ACT 2016
BARAKAH OFFSHORE PETROLEUM BERHAD |
Type | Announcement |
Subject | WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR |
Description | BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY") - RESTRAINING ORDER UNDER SECTIONS 366 AND 368 OF THE COMPANIES ACT 2016 |
Reference is made to the announcement made by the Company on 19 May 2020 in relation to the High Court Order dated 19 May 2020 (“the Order”) pursuant to Section 366 and 368 of the Companies Act 2016.
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 an extension of the Order for a further period of three (3) months. The extension of the Order shall commence from 18 August 2020.
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 17 August 2020. |
Announcement Info
Company Name | BARAKAH OFFSHORE PETROLEUM BERHAD |
Stock Name | BARAKAH |
Date Announced | 17 Aug 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-17082020-00073 |