PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT
SAPURA ENERGY BERHAD |
Type | Announcement |
Subject | PRACTICE NOTE 17 / GUIDANCE NOTE 3 MONTHLY ANNOUNCEMENT |
Description | SAPURA ENERGY BERHAD ("THE COMPANY") MONTHLY ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 ("PN17") OF MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD |
We refer to our Announcements dated 31 May 2022, 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022 and 1 November 2022 in relation to the Company being classified as an affected listed issuer and the disclosure requirements under Paragraph 4.1(c) of PN17. The Board of Directors of the Company wishes to provide a status update on the Company’s efforts to address its PN17 status. Since the Announcement dated 31 May 2022, the Company has been advancing its plan to regularise the financial position of its group of companies (“Regularisation Plan”). The Company has had a number of meetings with certain of its existing financiers (as described below, the “MCF Financiers”) to consider a proposed scheme of arrangement and compromise (“PSA”), to be approved in due course by the various classes of creditors of the affected members of the group in court-convened meetings. The MCF Financiers are those financial institutions which provided multicurrency financing facilities to Sapura TMC Sdn. Bhd. ("Sapura TMC") under:-
The Company is also progressing in its proof of debt exercise with its trade creditors in connection with the PSA. On 1 September 2022, the Corporate Debt Restructuring Committee (the “CDRC”), approved the Company’s application for the CDRC’s assistance to mediate in its debt restructuring negotiations with the MCF Financiers. Following the Company’s admission to the CDRC regime, the relevant financial institutions are expected to observe an informal standstill, and the Company was expected to submit a proposal for a restructuring of its debts owed to such financial institutions within 60 days from 1 September 2022.
In line with such requirement, the Company submitted a draft Proposed Restructuring Scheme ("PRS") to the CDRC on 29 September 2022, and has since been participating in CDRC-mediated meetings with the financial institutions to seek feedback on and to refine the terms of the PRS.
The Company has approximately six months to submit its Regularisation Plan to the relevant authorities for approval.
This announcement is dated 1 December 2022.
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Announcement Info
Company Name | SAPURA ENERGY BERHAD |
Stock Name | SAPNRG |
Date Announced | 01 Dec 2022 |
Category | General Announcement for PLC |
Reference Number | GA1-01112022-00073 |