Announcements


Date : 31 March 2022

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR WINDING-UP PETITIONS SERVED ON WHOLLY-OWNED SUBSIDIARIES OF SAPURA ENERGY BERHAD

SAPURA ENERGY BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
WINDING-UP PETITIONS SERVED ON WHOLLY-OWNED SUBSIDIARIES OF SAPURA ENERGY BERHAD

The Board of Directors of Sapura Energy Berhad (“SEB” or “the Company”) wishes to announce that the following wholly-owned subsidiaries of the Company (“Subsidiaries”) have been served with Winding-up Petitions (“Petitions”), details as follows:

 

Details of the Subsidiaries and the Petitions

 

1.Sapura Offshore Sdn Bhd (“SOSB”)

 

1.1             On 22 March 2022, SOSB was served with a Winding-up Petition dated 9 March 2022 (Shah Alam High Court Winding-up Petition No. BA-28NCC-159-03/2022) and the Affidavit Verifying Petition dated 11 March 2022 (the “Petition”), taken out by VKI Marketing Sdn Bhd (the “Petitioner”) via its Advocates & Solicitors, Messrs. Choo Dee Wei.

 

                  1.1.1       The Petitioner initiated this Petition to wind up SOSB on the basis of non-payment of invoices of RM210,443.00 allegedly owing to the Petitioner under a contract for the provisions of goods sold and delivered.  

 

                  1.1.2       The case management and hearing dates for the Petition have been fixed on 11 April 2022 and 13 June 2022, respectively.

 

2. Sapura Geosciences Sdn Bhd (“SGSB”)

 

2.1 On 22 March 2022, SGSB was served with a Winding-up Petition (Shah Alam High Court Winding-up Petition No. BA-28NCC-181-03/2022) and the Affidavit Verifying Petition dated 17 March 2022, (the “Petition”), taken out by Tumpuan Megah Development Sdn Bhd (the “Petitioner”) via its Advocates & Solicitors, Messrs. Ho dan Rakan Rakan.

 

                   2.1.1      SGSB is indebted to the Petitioner for the sum of RM624,139.18 together with interest at the rate of 2% per month on the sum of RM590,000.00 calculated from 1 December 2021 to 14 February 2022 and costs of judgment, being the amount due based on the Judgment dated 30 December 2021 obtained by the Petitioner against SGSB under a contract for the supply of marine gas oil.

 

                   2.1.2       SGSB has not been able to pay according to the Judgement, which resulted in the Petitioner initiating this Petition to wind up SGSB.

 

                   2.1.3       The case management and hearing dates for the Petition have been fixed on 14 April 2022 and 20 June 2022, respectively.

 

The Board of Directors further wishes to state that as per the Company’s announcement dated 10 March 2022 on the granting of Orders under Sections 366 and 368 of the Companies Act 2016 (“Orders”) by the High Court of Malaya, the Petitioners are restrained from taking actions against the Company and the Subsidiaries for a period of three (3) months from the date of the Restraining Order (such period being from 10 March 2022 to 10 June 2022), except by leave of the Court. Pending the outcome of the Orders, there will be no financial and operational impact and expected losses from the Petition.

 

None of the Subsidiaries are major subsidiaries of the Company as defined under Chapter 1 of the Main Market Listing Requirements.

 

Based on the Company's audited financial statements for the financial year ended 31 January 2021, SEB's total investment in the Subsidiaries are as follows:

 

1

Sapura Offshore Sdn Bhd

RM2,618 million

2

Sapura Geosciences Sdn Bhd

RM 71.6 million

 

This announcement is dated 31 March 2022.






Announcement Info

Company Name SAPURA ENERGY BERHAD
Stock Name SAPNRG
Date Announced 31 Mar 2022
Category General Announcement for PLC
Reference Number GA1-31032022-00077



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