Given that for EGM, around 2-3 weeks in advance notification is required, so SAP need to submit in Oct and the plan shall be seal by end of Sep...not far only 2 month left

Maybe PM will attend AGM.. hahahaha

Situation seem much more better now based on recently news, perhaps more good news on 26. But it just not out from the wood yet ..not yet.

Sapura Drilling hires Maersk as training and upskilling provider for its workforce

SAP is executing Gov requirements in full speed...haha

Now SAP is good fren with gov, after transport minister, than Deputy PM, today shake hand with Economy Minister..the case management supposed held in Aug, why rush to cancel the appeal, ...

Seem like gov and Sap strike a deal, now just execute.

If want to sign, sign after SAP survive from restructure, else wasted money for this MOU, what are their cooking.

Really not making sense..a company can't pay contractor years already, still manage to sign MOU with Gov to invest 1.5 million to train and hire Malaysian...haha..gov never do due diligence, signing MOU with a company can't pay their debt..Deputy PM and other minister attended the signing ceremony.

So many high profile visit and shake hand with SAP recently....is this a sign of a company going to bankruptcy soon...haha

Sign a MoC with PN17 company, 15 billion debt ..waht is the gov planning

SAP so busy, visited by so many Minster, Deputy Prime Minister, Transport minister and other......

Wow, some more so brave to committed to invest 1.4 million to train Malaysian workforce. But can't pay contractor...haha

SAP a PN17 company and unable pay contractor, potential bankruptcy in next few months, why gov sign MOU with thisk kind of company..haha. make it a good reason to rescue??

Sapura Energy Berhad has strengthened its commitment to developing a skilled Malaysian workforce through its expanding Technical and Vocational Education and Training (TVET) initiative. We signed a strategic Memorandum of Collaboration (MOC) with the Government of Malaysia, solidifying our alliance for the nation's human capital growth.

As one of the largest employers in the oil and gas services sector, we are determined to reduce reliance on foreign labor while ensuring competitive remuneration for our Malaysian workers. Despite financial constraints and operating challenges, our Group CEO, Datuk Mohd Anuar Taib, expressed unwavering dedication to providing training and work opportunities for the skilled and semi-skilled Malaysian workforce.

Sapura meterai MoC untuk perluas program TVET

Seems like a good deal for gov..

......all also gov assets, sapura fail, gov lose also, vel also gov assets....

PETRONAS save SAP, or SAP bankruptcy, which scenario is better for Gov and Malaysian? Which scenario will cost less?

If the SAP success, bank will need to bite the lose, so as the supplier and SAP.

But if SAP fail, Bank will take all the asset include oil assets, supplier will be bankruptcy as nothing left for them.

Regulator lose their patient with SAP, do or die, last date is in Oct. They need to finalize by this or next months, than going for approval in Aug and Sep...

Let see how the market react tomorrow

First time after 3 years of dragging, CEO has confirm an estimated date, Oct... definitely it is not far

Restrain order due in 10-jun, only 2 week left...no movement yet???

Debate here is hotter than sapura counter

3 week more need to submit restructure plan to bursar....may ask to extend 3 months?

Gov is too slow, SAP wast too much time

@Datokem, when they going announce the creditor accept the cut.

Wow, white knight name reveal 'QATAR ENERGY', need to give Dato a benefit of doubt since nobody can prove he is wrong, I choose to believe him.

Dato further confirm that 'Creditors agreeing to take a haircut is a sign'

Definitely news will start spreading, wow. How price will reacts to those news???

1.5 months has passed, another 1.5 months left, soon we will not can SAP finalized the proposal and submit to court on time?

So the white knight likely will become the bigger shareholders

And this new RCIS issuance exercise is after 20:1 consolidation

Approximately 2.3 billion new RCIS share issue to white knight, conversation rate is 1:1...

SAP need to issue new share for 2 billion from middle east company, after that it will become the bigger shareholders

Current gov does have business sense....let other take over Malaysia precious assesst, end up who suffer, local supplier and you know I know.

Now this outsider white knight take advantage on cheap oil assesst, they put condition will only invest if creditors agreed on the haircut plan...easy money for outsider investors

Ichina gov invest business which stop by USA, reason unfair to USA firm,

Malaysia different, Rakyat stop gov invest in national important assesst....let outsider take advantage on Malaysia oil assesst which impact by COVID...

Gov don't know SAP now belong by National? Gov don't know crony has been flush out by PNB, replace with non polical background CEO....

Now you letting outsiders invest with cheap, later they can exist with handsome profit ..gov should has business sense and integrity, seem like too luxury to have both

I found gov is naive, Najib is more business sense in this case, now they letting outsiders take a big chunk from Malaysia oil assesst and oil service, do you know that how many Bumi vendor depend on sapura.

Since the hair cut plan publish, highly likely agreement has already reached by creditors, now just circular for signature...haha, 90% is done deal

20:1 share consolidation, then more than 100% new shares (various form mostly not convertible in next 5 year)....PNB holding 46% of the shares which will dilute progressly over the 7 uears

Lim resign after appointed as majority creditor director......haha

@imformed, What goin to happen in Jun, seem like align with the extension?

some one told me Velesto, Pretonas, KLK and IOI staff meeting at SAPULAH office last week, seem like they will do something. Before June should see the results.

Any updates, the proposal was publish last year, no news except keep extension

The biggest loosing contract is with wing Farm Taiwan and ONGC India
Wing Farm terminated and in court now, ONGC 3 billion project completed soon start production in May....

Singor
from what i learned from O&G contractors, SAP Old contracts( low margin) are weighing down SAP profit
margin but not generating big losses. It is lack of New Contracts that is making Fixed Expenses eating into
Profits. Management is actually forcing Old contracts off hands or re-negotiation new price ( dont know
can or not

No so good news, 2 weeks before restraining order expired, seem like will extend to May

India project

Some good news, the most losing money legacy contract is close to end, target may start production.

MOGSC demand Gov bail out SAP...haha

Seem like debt deal finalize soon, MOGSC asking Gov help by claiming that subcontractor is victim of the debt deal.

SAP just copy paste the monthly updates.....

No matter how good prospect of one division, also not rnought to pay back the debt, paying 1.5 billion a year also need 10++ to clear, assume no new loan...worst still SAP group still losing money due to legacy project

The price will only move after debt restructure success...

Restraining order expired on early March.....very soon, if no extension lender take legal action against SAP.....no news on extension, no news on debt restruture.....

If deal with lender has seal, price should have spike....only left 4 weeks....

Selling down today indicate ???

Need to be cautious when PLC has big project in idian...almost sure die....

Taiwan Winfield project has been put on hold after an incident with the new contractor. I guess the most money losing project is in India....again..haha