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 August 2019

MATERIAL LITIGATION Demand notices from PRPC Utilities and Facilities Sdn Bhd


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

Barakah Offshore Petroleum Berhad ("BARAKAH") and its wholly-owned subsidiary PBJV Group Sdn Bhd  ("PBJV")  have both received demand notices dated 8th August 2019 from PRPC Utilities and Facilities Sdn Bhd ("PRPC") on 9th August 2019.  An amount of RM85,203,274.96 has been stated in the demand on the basis that among others PBJV has failed to fulfill all of its obligations 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).

 

PRPC has included BARAKAH as the recipient of the demand on the basis that BARAKAH has given a Parent Company Guarantee dated 6th April 2016 to guarantee the performance of PBJV as the contractor. BARAKAH and PBJV have been given fifteen (15) days and thirty (30) days respectively to comply with the said demands.

 

BARAKAH and PBJV dispute and deny such allegations and further view that the underlying factual circumstances for the P14 Contract shall present sufficient grounds to dismiss the claim by PRPC. BARAKAH and PBJV are now in consultation with their appointed legal firm to discuss their legal options and shall respond to PRPC in due time.

 

This announcement is dated 13 August 2019.





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