INVESTOR RELATIONS

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

BURSA ANNOUNCEMENTS
Date: 16 October 2018

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


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

The Board of Directors of Barakah wishes to announce that the Company and its wholly-owned subsidiary PBJV Group Sdn Bhd ("PBJV") have today been granted orders pursuant to Sections 366 and 368 of the Companies Act 2016 ("the Act") by the High Court of Malaya at Kuala Lumpur restraining all proceedings and actions brought against the Company and PBJV("Order") except with leave of Court and subject to any terms that the Court may impose.

 

 

The Order commenced on 12 October 2018 for a period of 90 days up to 9 January 2019.

 

The Order was applied for as part of proactive measure by Barakah to manage the debt levels of Barakah and its subsidiaries ("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 the Company.

 

The Board wishes to inform that none of the Group's lenders has called for an event of default on any of the Group's financing facilities prior to obtaining the Order.

 

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 16 October 2018.





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