The Company refers to its announcement of 10 March 2022, by which the Board of Directors of the Company had announced that the Company and twenty-two of its wholly-owned subsidiaries (the "Applicants") had obtained inter alia a restraining order pursuant to Section 368(1) of the Companies Act 2016 (the “Restraining Order”), to restrain and stay all proceedings and/or further proceedings and/or intended and/or future proceedings in any action or proceeding against any Applicant and/or its assets.
The Company had announced on 10 March 2022 that the Restraining Order does not apply to certain financial institutions (collectively, the “MCF Financiers”) who have provided multicurrency financing facilities to Sapura TMC Sdn. Bhd. ("Sapura TMC") under:-
a. the senior multicurrency term facilities agreement dated 29 March 2021 between, inter alia, Sapura TMC as borrower, and the banks named therein as conventional facility lenders (the “Conventional Facility Agreement”); and/or
b. the multicurrency sukuk programme for the issuance of sukuk murabahah of up to RM10,000,000,000 in nominal value (or the equivalent in USD, converted at a notional exchange rate of USD1.00 = RM4.15) based on the Shariah principle of murabahah (via a tawarruq arrangement) (the "Sukuk Murabahah"), established under a programme agreement originally dated 20 August 2015 between Sapura TMC as issuer, Maybank Investment Bank Berhad as lead arranger and facility agent, and as thereafter amended and supplemented,
(collectively, the “MCF Facilities”). Such exclusion was on the basis that those Applicants who are obligors in relation to the MCF Facilities, had entered into separate contractual arrangements with a significant majority of the MCF Financiers for inter alia, a standstill on claims during the effective period of the Restraining Order.
The Board of Directors of the Company wishes to announce that on 31 March 2022, the Company received formal notification from Maybank Investment Bank Berhad in its capacity as intercreditor agent for the MCF Financiers that all of the MCF Financiers have now consented to a deferment of:-
(a) the interest due and payable on 30 March 2022 by Sapura TMC to the relevant MCF Financiers under the Conventional Facility Agreement; and
(b) the sukuk periodic profit payments due and payable on 31 March 2022 by Sapura TMC to the relevant MCF Financiers in respect of the Sukuk Murabahah,
and to a standstill on related claims, for the effective period of the Restraining Order.
This announcement is dated 1 April 2022.