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Overview
Financial Highlight
Headlines
Business Background Sumatec Resources Bhd is an investment holding company and is engaged in upstream oil and gas operation. The company focuses on acquiring and developing new and underperforming oil and gas fields. It has also interests in the rakushechnoye field in Kazakhstan.
  Alex™ Ah pek already win alot. Normal trader got cutlost limit, so even this counter gg, ah pek still no prob. It took me several hard lessons to know the importance of protect your downside. 16/10/2019 8:48 AM  nickfcng When will Sumatec going to be delisted? What is your recommendation? Sell or what? 16/10/2019 11:18 AM zul dragonslayer countdown ! berapa hari lagi suspend trading sumatec Halim simahyang bursa kuat kuat tak mau kasi masok keranda 16/10/2019 11:48 AM zul alamak paktua pecaya bomoh ibrahim..ini hari ibrahim cakap dia ada kuasa ajaib masih boleh tahan sampai jumaat ......tak payah jumaat saja 16/10/2019 11:54 AM kenie 20 Jul 2016 SUMATEC HALIM BIN SAAD ( 849,756,000 shares 21.9790 %) 26 Oct 2016 DEFAULT IN PAYMENT 30 Nov 2016 30 Dec 2016 26 Jan 2017 28 Feb 2017 17 Mar 2017 26 May 2016- HIGH COURT OF MALAYA KUALA LUMPUR SUIT NO. WA-28NCC-427-05-2016 NFC LABUAN SHIPLEASING I LTD VS PLANTIFF SUMATEC RESOURCES BERHAD DEFENDANTS 8 Apr 2017 HALIM BIN SAAD Disposed 14,200,000 18 Apr 2017 HALIM BIN SAAD Disposed 9,570,000 13 Apr 2017 HALIM BIN SAAD Disposed 6,076,200 12 Apr 2017 HALIM BIN SAAD Disposed 3,000,000 11 Apr 2017 HALIM BIN SAAD Disposed 25,500,000 7 Apr 2017 HALIM BIN SAAD Disposed 10,000,000 7 Apr 2017 HALIM BIN SAAD Disposed 22,500,000 9 Jan 2017 HALIM BIN SAAD Disposed 6,000,000 9 Jan 2017 HALIM BIN SAAD Disposed 8,000,000 6 Dec 2016 HALIM BIN SAAD Disposed 19,000,000 2 Dec 2016 HALIM BIN SAAD Disposed 77,731,000 16/10/2019 2:46 PM kenie 28 Apr 2017-HIGH COURT MALAYA KUALA LUMPUR SUIT NO. WA-22NCC-52-02/2017 MALAYSIAN TRUSTEES BERHAD, KERISMA BERHAD, CAPONE BERHAD AND PRIMA UNO BERHAD (COLLECTIVELY REFERRED AS THE PLAINTIFFS) VS SUMATEC RESOURCES BERHAD (DEFENDANT) 24 Jan 2018-EBONY RITZ SDN BHD ("The PLAINTIFF") VS SUMATEC RESOURCES BERHAD (THE DEFENDANT") 30 Jan 2018- IN THE HIGH COURT OF MALAYA IN KUALA LUMPUR (BAHAGIAN DAGANG) SUIT NO. WA-22NCC-382-08/2017 MALAYSIAN BANKING BERHAD (PLAINTIFF) VS SUMATEC RESOURCES BERHAD (DEFENDANT) 29 Jan 2018 HALIM BIN SAAD Disposed 127,000,000 30 Jan 2018- IN THE HIGH COURT OF MALAYA IN KUALA LUMPUR (BAHAGIAN DAGANG) SUIT NO. WA-22NCC-382-08/2017 MALAYSIAN BANKING BERHAD (PLAINTIFF) VS SUMATEC RESOURCES BERHAD (DEFENDANT) 26 Feb 2018-SINGAPORE HIGH COURT SUIT NO. 808 OF 2017 HOE LEONG CORPORATION LTD VS SUMATEC RESOURCES BERHAD AND CHAN YOK PENG 16/10/2019 2:47 PM kenie 30 Apr 2018-DISCLAIMER OF OPINION IN EXTERNAL AUDITORS' REPORT ON AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 02 May 2018 SUMATEC RESOURCES BERHAD - NEW ADMISSION INTO PN17 12 Jun 2018- Continental Industrial Supplies and Services Ltd LLP (the Claimant) vs. Sumatec Resources Berhad ( Respondent) LCIA Arbitration No. UN163528 6 Aug 2018 HALIM BIN SAAD Disposed 66,000,000 Sep 2018- BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS SUMATEC RESOURCES BERHAD FOR BREACH OF THE MAIN MARKET LISTING REQUIREMENTS 29 Oct 2018 - In the Session Court at Kuala Lumpur Kerajaan Malaysia (Plaintiff) VS Sumatec Resources Berhad Writ No. WA-B51NCvC-71-10/2018 24 Jan 2019 HALIM BIN SAAD Disposed 197,298,800 23 Jan 2019 HALIM BIN SAAD Disposed 62,748,000 21 Dec 2018 HALIM BIN SAAD Disposed 54,390,000 12 Dec 2018 HALIM BIN SAAD Disposed 25,000,000 30 Apr 2019- ADVERSE OPINION IN EXTERNAL AUDITORS' REPORT ON AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 16/10/2019 2:48 PM kenie 30 Sep 2019- Acceptance of notice on suspension of gas processing activities under GDPA from Markmore Energy Labuan Limited 01 Oct 2019 - Managing Director ABU TALIB BIN ABDUL RAHMAN Resign Working experience and occupation 1979 - 1980 : Served as legal officer of Bank Pertanian Malaysia 1980 - 1981 : Manager of Asia vest-Merchant Bankers Berhad 1981 - 1986 : Accountant in Bank Bumiputera Malaysia Berhad 1986 - 1991 : Served as partner of two legal firms 1991 - present : Managing and founding partners of Abu Talib Shahrom (a legal firm) Any conflict of interests He is the vendor and has 51% control in Borneo Energy Oil and Gas Limited. He is also the partner to Abu Talib Shahrom, the advocates and solicitors to Sumatec Resources Berhad. He is the sole director of Markmore Central Asia BV (Netherlands) that owns CaspiOilGas LLP in Kazakhstan. HALIM BIN SAAD below 5% controlling substantial holder % holding(121,117,000 shares 2.85 %) Sumatec's PN17 regularisation plan submission deadline extended to Oct 29 KUALA LUMPUR (Oct 1): Practice Note 17 (PN17) company Sumatec Resources Bhd said today Bursa Malaysia granted the oil and gas firm a time extension of six months up to Oct 29, 2019 to submit a regularisation plan to the authorities. In a bourse filing today, Sumatec said it had on Sept 4 received Bursa's letter on Sumatec's application for the time extension. "After due consideration of all facts and circumstances of the application, Bursa has decided to grant the company an extension of time of six months up to Oct 29, 2019 to submit a regularisation plan to the regulatory authorities," the group said. Sumatec had initially announced its PN17 status in April 2018. In a bourse filing on April 30, 2018, Sumatec said it became a PN17 company after its auditors expressed a disclaimer opinion in the company's audited financial statements for financial year ended Dec 31, 2017. 7 October 2019. The Board of Directors of Sumatec wishes to announce that Sumatec Oil And Gas LLP (“SOG”), a wholly-owned subsidiary of Sumatec, had on 7 October 2019 received a notice from CaspiOilGas LLP (“COG”) terminating the JIA and Novation Agreement effective 17 October 2019 (“Termination Notice”). 16/10/2019 2:57 PM kenie 2016-2019 government,supplies,company,bank and creditor all sued sumatec in courts.Sumatec no ability to settle the big financial problem ! 16/10/2019 2:58 PM kenie The aforesaid extension of time is without prejudice to Bursa Securities right to proceed to suspend the trading of the listed securities of SUMATEC and to de-list the Company in the event: the Company fails to submit a regularisation plan to the regulatory authorities on or before 29 October 2019; the Company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or the Company fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities. Upon occurrence of any of the events set out in (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of SUMATEC on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company’s right to appeal against the delisting. 16/10/2019 3:00 PM  SirLockCro .... Plz. Feed us with the latest news... Not nasik basi laaa.... Ha.. Haa.. Haa 16/10/2019 3:08 PM SirLockCro Thanks for the latest development Mr Scrown... It's seems a good news indeed..... 2,500 +3,000. Not bad at all.......... Jolly a gud ride babeh..... 16/10/2019 3:26 PM zenbeginner is this a sign of dying company or a damn high risk counter that people is betting on being able to survive? 16/10/2019 3:52 PM r8 Sumatec was threatening bursa: You delisted me and investor will lose 700m and they got nothing..... http://www.bursamalaysia.com/market/listed-companies/company-announcements/6313617 16/10/2019 6:14 PM cashflow Bursa don’t want to lose their Energy players too. Perisai was given extension so there is some chance Bursa might consider the same. They understood the Energy industry is going through a touch cycle. 16/10/2019 6:44 PM cashflow If this flies, mother share price will shoot up as people might wanna collect to entitle for rights issue. It depends on public perception now on Sumatec prospect. 16/10/2019 6:51 PM RISK8888 Why no one question on mell after taken 700mil from sumatec and yet generate zero revenue and dare to terminate the agreement and forfeit all deposit $$$. Make no sense at all. Should take all the mgt to jail. 16/10/2019 10:14 PM  paktua73 morning..iyaa all here fighting2.. out there autasing bet.. to take over plus malysia berhad(PMB)highway company woo.. rm5.2b maaa.. so..sumamatik laa ihik ihik.. paktua dah lari maa.. lost fee only.. bye bye tut tut never make love on any stock.. 17/10/2019 8:15 AM cashflow TSH made Suma his space goat to fund MELL and COG private holdings and refuse to pay bills. He harvest money from Suma and now played game to send notice. He’s reputation at stake. 17/10/2019 8:27 AM scrown We refer to bursa queries dated 10 October 2019 concerning the below matter. 1.The financial and operational impact of the Suspension and Termination on Sumatec group. Answer: Financial Impact are estimated to be as follows:- a) Termination of JIA will directly cause the expiration of substantial investment and forfeiture of deposit of Sumatec on the Rakushechnoye oil and gas field as follows: The value of working interest at RM272.326 million, Exploration and Development cost at RM201.263 million and Performance Deposit at RM127.1 million Total : RM600.69 million b) The total loss which includes remedied estimates arising from "COG’s complaints" are estimated to be RM161million. Operational Impact: i) Forfeiture of the development and extraction right of hydrocarbons in the Rakushechnoye oil and gas field. ii) It can lead to termination of the services and consultancy activities on gas development and production planning and implementation. 2. The expected losses arising from the Suspension and Termination. Reply: A conservative estimate of RM761.69 million losses Plan: We remain in contact with COG and MELL to seek their indulgence to give us more time and we believe our appeal to lift the suspension and termination notices can be given a positive results if we manage to resolve our current issues mainly caused by the "legacy shipping debts, which should not have existed anymore since the last regularisation exercise of May 2013.". 3. The steps taken or proposed to be taken by Sumatec in respect of the Suspension as Bursa asked While seeking the indulgence of MELL/COG we also discussed various ways to carry on to work together. MELL/COG has been understanding and we have resolved to come out with the following plan:- a) A fund raising exercise involving a rights issue to raise up to RM100 million; (Announced on 7 Oct 2019) b) A settlement arrangement with the creditors of Sumatec group involving a settlement amount of RM0.15 in respect of every RM1.00 owed to the creditors. (Announced on 7 Oct 2019) c) Proposal by the Company to participate in the Condensate Extraction Plant belonging to MELL. This is the positive part of the relationship and we are striving hard to remove the legal problem. (Announced on 30 Mar 2018) This announcement is dated 16 October 2019. 17/10/2019 10:12 AM ajaaja http://www.msn.com/en-my/news/national/tycoon-halim-saad-makes-biggest-bid-for-plus/ar-AAIUFVG?li=BBr8Hnu&ocid=UE01DHP 17/10/2019 12:38 PM cashflow TSH conman is middleman from Daim and PH to increase the bid value. Even if he acquire, the 25% reduction in toll is just another scam. He said reduce, but he didn’t say when and which tolls. 17/10/2019 2:09 PM Sanatan TSH bidding to takeover PLUS highways ? Is that good for Sumatec or just a gimmick ? 17/10/2019 4:15 PM Westeros wait and see lor....wait oso until 29th Oct only ma...if go 6 feet under....bye bye lor... 17/10/2019 4:36 PM scrown The Board of Directors of SRB wish to inform the following matters: - 1. Received Notice of Termination and Demand from Adnan Sundra & Low Advocates & Solicitors on 5th January 2017, notify that the Settlement Agreement ("SA") dated 6th March 2015 between SRB and MTB for the collateralised loan has been terminated. 2. MTB demanded the sum due and owing under facilities be paid within 14 days from 5th January 2017 thereof. Principal Outstanding (RM) Interest Outstanding (RM) Principal + Interest Outstanding (RM) Interest Rate Kerisma Facility 28,434,472.57 254,274.30 28,688,746.87 9.60% p.a. (Prescribe Rate of 6.60% p.a. + Default Rate of 3.00% p.a.) CapOne Facility 28,223,050.16 814,617.75 29,037,667.91 10.13% p.a. (Prescribe Rate of 7.13% p.a. + Default Rate of 3.00% p.a.) Prima Uno Facility 13,909,327.79 698,202.53 14,607,530.32 11.38% p.a. (Prescribe Rate of 8.38% p.a. + Default Rate of 3.00% p.a.) Total 70,566,850.52 1,767,094.58 72,333,945.10 3. The Board has sought legal views in respect of the SA. 4. SRB's solicitors, Shearn Delamore & Co ("SD") has given a written advise which in gist, states that the Company is not obliged to pay the sum due and owing under the facilities as the Company can rely in a clause in the Settlement Agreement and accordingly maintain the position that in accordance with the obligations as set out in the 2013 Settlement Agreement, which supercedes all previous written agreements, the appropriate remedy available to the Bondholders would be to instruct MTB to pursue the breach of the 2013 Settlement Agreement for the payment of RM17 million with Hoe Leong Corporation Ltd ("HLCL"), Setinggi Holdings Limited ("Setinggi") and /or HLCL's nominees and the remaining divident payment stipulated in the 2013 Settlement Agreement with Semua International Sdn Bhd. The Company takes the position that all of SRB's obligations under the 2013 Settlement Agreement has been fulfilled and any recourse or recovery sought by the Bondholders should be claimed from HLCL, Setinggi and/or HLCL's nominees, for the breach of the HLCL's obligations. 5. However, if SRB is obligated to pay the Bondholders claim of RM72,333,945.10, Markmore Sdn Bhd, the vendor for the Rakushechnoye Oil and Gas Field and also the indirect substantial shareholder of SRB has consented to pay the aforesaid claim by using the proceeds received from the disposal of the Rakushechnoye Oil and Gas Field as announced on 26 August 2016. 6. Markmore Sdn Bhd is also committed to satisfy the debts of which Semua Shipping Sdn Bhd ("SSSB") may be obligated to undertake. Similarly, Markmore Sdn Bhd, the vendor for the Rakushechnoye Oil and Gas Field and also the indirect substantial shareholder of SRB has consented to pay the aforesaid claim by using the proceeds received from the disposal of the Rakushechnoye Oil and Gas Field as announced on 26 August 2016. This announcement is dated 9 January 2017. http://www.bursamalaysia.com/market/listed-companies/company-announcements/6314593 17/10/2019 6:10 PM scrown Reference is made to the query letter received from Bursa Malaysia Securities Berhad ("Bursa Securities") on 12 January 2017 pertaining to the above matter. The Board of Directors of Sumatec Resources Berhad ("Sumatec" or "Company") wishes to append below the reply in bold in the sequence of the enquiries. 1. Background of the CLO, Settlement Agreement ("SA") and the 2013 Settlement Agreement. SRB had obtained 3 facilities for the total amount of RM120,000,000.00 over the period from 2004 to 2007 ("3 Facilities"). In 2013, there was remaining RM80,000,000.00 of the principal borrowed still due and owing to the Kerisma, CapOne and Prima Uno Bondholders (collectively referred to as the 'Bondholders') on the 3 Facilities. The Bondholders agreed to a settlement sum of RM56 million ('Settlement Sum') as Hoe Leong Corporation Ltd ('HLCL') had proposed to purchase 51% shares in Semua International Sdn Bhd ('SISB') from SRB, which were charged as security of the 3 Facilities. 2% of these shares that were to be purchased were to be transferred to Ebony Ritz Pte Ltd ("Ebony") and the remaining 49% were to be transferred to Setinggi Holdings Limited ("Setinggi"). As such, on 28th May 2013, SRB, the Issuers and the Trustee (on behalf of the Bondholders), together with HLCL, Setinggi and SISB entered into an agreement termed as a 'Settlement Agreement' to facilitate the sale of shares owned by SRB in SISB as settlement of the outstanding amounts due from SRB on the 3 facilities ('2013 Settlement Agreement'). There was part performance of the 2013 Settlement Agreement i.e 2% was transferred to Ebony and HLCL took over management control of SISB, and some of the other obligations that were to be borne by Setinggi and HLCL/Ebony were not performed. As such, the sale purchase transaction was not completed and the 49% of the shares in SISB were not transferred to Setinggi. As a result of which the Bondholders were not paid a sum of approximately RM23 million, including RM17 million that was due to be paid by HLCL, which is part of the Settlement Sum that was agreed upon. SRB then attempted to settle the amount due and owing to the Bondholders by entering into the 2015 Settlement Agreement for the outstanding amount of the Settlement Sum. 2. The details of events leading to/reason for the Notice of Termination and Demand, and termination of the SA. SRB was unable to fulfill its obligations under the 2015 Settlement Agreement, therefore the Bondholders requested it to be terminated. 3. Details of the clause in the SA pursuant to which Shearn Delamore & Co. had given written advice that Sumatec Resources Berhad is not obligated to pay the sum due and owing under the facilities. SRB takes the position that upon termination of the 2015 Settlement Agreement, and relying on the Clause 4.1 of the 2015 Settlement Agreement, upon termination of the 2015 Settlement Agreement, it is SRB's position that the Trustee and Issuers may pursue their rights under the 2013 Settlement Agreement, amongst others. We wish to clarify that the Company took the position and instructed Shearn Delamore & Co. that the Company is not obligated to pay the sum demanded by the Bondholders in view of HLCL/Setinggi's obligations under the 2013 Settlement Agreement. The Bondholders have their recourse against HLCL/Setinggi and the Bondholders should have exhausted these avenues before making any claims against the Company. 4. Details of the 2013 Settlement Agreement pursuant to which the Bondholders can instruct MTB to pursue the payment of RM17 million with Hoe Leong Corporation Ltd ("HLCL"), Setinggi Holdings Limited and/or HLCL's nominees. Clause 3.4 of the 2013 Settlement Agreement states that "the Bondholders herby agree that in the event that the Borrower, HLCL, Setinggi and /or SISB shall fail to observe or perform or otherwise be in breach of any of the provisions of this Agreement or the Security Documents, the Kerisma Bondholders, the CapOne Bondholders, and the Prima Uno Bondholders are entitled to separately instruct the Trustee to enforce this Agreement and the Security Documents, and upon such receipt of such instructions, the Trustee shall forthwith notify the other Bondholders. Any such instructions shall be binding on the Trustee and the Bondholders." This clause is to be read together with Clause 3.1 of the 2013 Settlement Agreement whcih states that "For the avoidance of doubt, in the event of a breach of any of the provisions of this agreement, the Issuers and the Trustee are entitled to recover from the Borrower the full sum of the Facilities outstanding together with all interest and default interest thereon in accordance with the Facilities Agreements, save for the balance purchase price of RM17,000,000.00, which shall be recoverable from SISB". 5. Full details of SA. 17/10/2019 6:30 PM scrown 5. Full details of SA. On 6th March 2015, the SA was entered into between SRB, Kerisma Berhad, CapOne Berhad, Prima Uno Berhad and the Trustee ("2015 Settlement Agreement"). By way of this agreement, Clause 3.1 of the same sets out that parties agree that in settlement of the outstanding amounts under the 3 Facilities, SRB would makepayment of the following: (i) RM2,451,608.48 shall be paid to the Trustee by 15th August 2015; (ii) Interest accruing on RM22,635,496.60 calculated at 6% per annum from 16th August 2014 to 31st December 2014 in the sum of RM513,484.69 shall be paid by 25th March 2015; and (iii) RM22,064,476.31 shall be paid by 30th April 2015 with interest of 10% per annum from 1st January 2015 to 30th April 2015. Out of these obligations, only RM2,451,608.48 was paid by SRB on 19th August 2015. As such there was a default of the 2015 Settlement Agreement and the Notice of Termination was issued on 5th January 2017. The default clause of the 2015 Settlement Agreement sets out that in the event that SRB fails to perform its obligations, the Issuer/Trustess is entitled to terminate the Agreement without prejudice to any rights or remedy under the Facility Agreements, the 2015 Settlement Agreement, the 2013 Settlement Agreementand Security Documents. It also states that for the avoidance of doubt, in the event of breach, the Issuers and the Trustee are entitled to recover from SRB the full sum of the Facilities. This announcement is made on 13 January 2017. 17/10/2019 6:30 PM  336699 Thanks Scrown for all the above info. What could be derived from them? Will PN17 be lifted and remain listed or otherwise...... 17/10/2019 7:32 PM  dragonslayer Aiyo..good news lah..arini takda ceremony tanam sumatec alive...mana doc zul..tarikh salah kah...wa olang mau pigi tg rambutan tanam dr zul...lol...wakakaka..kikiki 18/10/2019 12:54 PM dragonslayer Aiyo..another bursa letter kah..lauyer mana..tolang baca content...hari hari baca lauyer letter..lauyer kaya lah...sumatec mau appeal lagi kah....aiyoyo...kikiki 18/10/2019 12:58 PM scrown Sumatec replied to bursa on its plan: We remain in contact with COG and MELL to seek their indulgence to give us more time and we believe our appeal to lift the suspension and termination notices can be given a positive results if we manage to resolve our current issues mainly caused by the "legacy shipping debts, which should not have existed anymore since the last regularisation exercise of May 2013.". 3. The steps taken or proposed to be taken by Sumatec in respect of the Suspension as Bursa asked While seeking the indulgence of MELL/COG we also discussed various ways to carry on to work together. MELL/COG has been understanding and we have resolved to come out with the following plan:- a) A fund raising exercise involving a rights issue to raise up to RM100 million; (Announced on 7 Oct 2019) b) A settlement arrangement with the creditors of Sumatec group involving a settlement amount of RM0.15 in respect of every RM1.00 owed to the creditors. (Announced on 7 Oct 2019) (A settlement arrangement with the creditors of Sumatec group involving a settlement amount of RM0.15 in respect of every RM1.00 owed to the creditors (“Settlement Amount”). In this respect, the Company will write to the plaintiffs for the Winding-Up Petitions to seek their agreement-in-principle for the Settlement Amount and for a stay in the legal proceedings.) c) Proposal by the Company to participate in the Condensate Extraction Plant belonging to MELL. This is the positive part of the relationship and we are striving hard to remove the legal problem. (Announced on 30 Mar 2018) This announcement is dated 16 October 2019. With this positive proposal, should bursa give a greenlight to extend another six months? 18/10/2019 2:54 PM Sanatan So much information pertaining to the Co. In the gist what happens if the Co. wind up. What will happen to those holding shares ? What are the chances they can pull through and start operation ? 18/10/2019 3:44 PM scrown We r the minority shareholders. Someone must ask and complaint to bursa as final rule maker, the ball is under bursa now 18/10/2019 4:15 PM zul tomolo 21th look this week is akhir khayat sumatec ....maybe halim can find bomoh ibrahim use binoculars made bamboo made fish trap hook during his first lives not suspend .or put some centipede ,tongkat ali , ahmad johari virgin urine used in Najib black magic practices such as manipulating. 20/10/2019 12:30 AM  |
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