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Sapura Energy to make material announcement ahead of financial plan deadline

Publish date: Sat, 20 Apr 2024, 02:20 PM

KUALA LUMPUR: Sapura Energy Bhd has suspended trading in its shares since 2.30pm yesterday, pending a material announcement.

As at time of writing no announcement was made.

The Practice Note 17 (PN17) company in its last update on its financial condition on Apr 1, 2024 said, the company along with its advisors have been advancing on its regularisation plans and are actively working on a "sufficiently robust plan" to address its business and financial conditions.

Sapura Energy was classified as a PN17 company on May 31, 2022 after its shareholders' equity position fell to less than 50 per cent of its share capital.

The company has until May 31, 2024 to submit a financial regularisation plan.

Sapura Energy posted a net loss of RM728.44 million for its fourth quarter ended Jan 31, 2024 (4Q24) after three profitable quarters.

The company has managed to secure  fresh convening and restraining orders from Kuala Lumpur High Court, which took effect from Mar 11, 2024.

The Corporate Debt Restructuring Committee has also given it up to June 10, 2024 to come up with a resolution for its debt issues.

Sapura Energy's share price closed unchanged at 4.5 sen a share, giving it a market capitalisation of RM826.9 million.

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