Bursa Announcements
Date : 14 July 2022

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR Winding Up Petition Against Sapura Pinewell Sdn Bhd ("SPSB") and Sapura Fabrication Sdn Bhd ("SFSB") respectively, both are wholly owned subsidiaries of Sapura Energy Berhad ("SEB" or "the Company") i. Winding-up Petition dated 29 December 2021 (Shah Alam High Court Winding-up Petition No. BA-28NCC-665-12/2021 Against SPSB) ii. Winding-up Petition dated 12 May 2022 (Shah Alam High Court Winding-up Petition No. BA-28NCC-289-05/2022 Against SFSB)

SAPURA ENERGY BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
Winding Up Petition Against Sapura Pinewell Sdn Bhd ("SPSB") and Sapura Fabrication Sdn Bhd ("SFSB") respectively, both are wholly owned subsidiaries of Sapura Energy Berhad ("SEB" or "the Company")

i.	Winding-up Petition dated 29 December 2021 (Shah Alam High Court Winding-up Petition No. BA-28NCC-665-12/2021 Against SPSB)
ii.	Winding-up Petition dated 12 May 2022 (Shah Alam High Court Winding-up Petition No. BA-28NCC-289-05/2022 Against SFSB)

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 Petitions

 

1.   Sapura Pinewell Sdn Bhd (“SPSB”)

 

     1.1    On 8 July 2022, SPSB was served with a Winding-up Petition dated 29 December 2021 (Shah Alam High Court Winding-up Petition No. BA-28NCC-665-12/2021) ("Petition-

              1"), taken out by Plomo Group Sdn Bhd (the "Petitioner-1") via its Advocates & Solicitors, Messrs. Emir Mahmud & Co.

 

             1.1.1      The Petitioner-1 initiated this Petition-1 to wind up SPSB on the basis of non-payment of invoices amounting to RM392,120.70 allegedly owing to the Petitioner-1

                           under a contract for the supply of marine gas oil and fresh water to a vessel.

 

            1.1.2      The case management and hearing dates for the Petition-1 are fixed on 28 July 2022 and 6 September 2022, respectively.

 

2.   Sapura Fabrication Sdn Bhd (“SFSB”)

 

     2.1   On 8 July 2022, SFSB was served with a Winding-up Petition dated 12 May 2022 (Shah Alam High Court Winding-up Petition No. BA-28NCC-289-05/2022) (the “Petition-2”),

             taken out by Marine Creation Sdn Bhd (the “Petitioner-2”) via its Advocates & Solicitors, Messrs Emir Mahmud & Co.

 

            2.1.1     The Petitioner-2 initiated this Petition-2 to wind up SFSB on the basis of non-payment of invoices amounting to RM514,073.34 allegedly owing to the Petitioner-2 under

                         a contract for vessel chartering.

 

           2.1.2     The case management and hearing dates for the Petition-2 are fixed on 9 August 2022 and 23 August 2022, respectively.

 

The Company further wishes to state that as per the Company’s announcement dated 10 March 2022, the High Court of Malaya has granted an order to convene meeting of the creditors of each applicant, being the Company and 22 of its subsidiaries, as listed in Appendix herein pursuant to Section 366 of the Companies Act 2016 (“Convening Order”) and an order to restrain proceedings under Section 368 of the Companies Act 2016 (“the Restraining Order”). The Restraining Order was subsequently extended for a further period of nine (9) months until 10 March 2023 (“Extended Restraining Order”). The purpose of the Restraining Order is to provide breathing space and time to enable the Company and its Subsidiaries to restructure its debts under a scheme of arrangement. Pending the outcome of the aforesaid orders and the intended scheme of arrangement, there will be no financial and operational impact and expected losses from the Petitions.

 

As the Restraining and Extended Restraining Orders are in force, with regards to Petition-1, the Company will be requesting for a stay of Petition-1 pending the outcome of the proposed scheme of arrangement. As for Petition-2, the Company will be requesting Petitioner-2 to withdraw its petition as it was filed in breach of the Restraining and Extended Order. In the event Petitioner-2 fails and/or refuses to do so, the Company may be forced to take further legal action against Petitioner-2.

 

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 2022, SEB's total investment in the Subsidiaries are as follows:

 

1

Sapura Pinewell Sdn Bhd

 RM427,951,000

2

Sapura Fabrication Sdn Bhd

 

 RM4,295,933,000

 

This announcement is dated 14 July 2022.

 

 




Please refer attachment below.



Announcement Info

Company Name SAPURA ENERGY BERHAD
Stock Name SAPNRG
Date Announced 14 Jul 2022
Category General Announcement for PLC
Reference Number GA1-14072022-00022


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