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2020-03-05 10:47 | Report Abuse
UTHAYA KUMAR K VIVEKANANDA
Aged 65, Malaysian
Independent Non-Executive Director / Chairperson of Audit and Risk Management Committees / Member of Remuneration and Nomination & Corporate Governance Committees
DATE OF APPOINTMENT:
10 April 2017
Uthaya Kumar K Vivekananda (“VU Kumar”) was with PricewaterhouseCoopers for nearly 35 years. He has led and worked on some of the most challenging and complex assignments, both in Malaysia and globally, working with multinational and blue-chip national clients in audit, business advisory, mergers and acquisitions, valuations, privatisations, IPOs and cross-border transactions.
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2020-03-05 10:46 | Report Abuse
Chan Chee Beng
Aged 64, Malaysian
Non-Independent Non-Executive Director/
Member of Nomination & Corporate Governance Committee
DATE OF APPOINTMENT:
2 June 2003 for appointment date.
Chan Chee Beng has more than 39 years of experience in general and financial management, investment banking and accounting including stints with Ernst & Young and Morgan Grenfell & Co. Ltd prior to joining the Usaha Tegas Sdn Bhd (“UTSB”) Group in 1992 as Head of Corporate Finance. He is currently a Director of UTSB Management Sdn Bhd.
He serves on the boards of several other companies in which UTSB has significant interests, such as Sri Lanka Telecom PLC, Binariang GSM Sdn Bhd and Maxis Communications Berhad (holding company of Maxis Berhad), having an operational base in Malaysia.
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2020-03-05 10:44 | Report Abuse
GARY NEAL CHRISTENSON
Aged 64, United States of America
Executive Director /
Chief Executive Officer
DATE OF APPOINTMENT:
2 May 2018
Gary Neal Christenson (“Gary Christenson”) has over 35 years of technical and managerial experience in the petroleum exploration and production industry with a focus on South East Asia and Africa. His experience includes management positions at Tenneco Oil E&P, British Gas Indonesia, Unocal Indonesia Co. (“Unocal”) and Santos Indonesia (“Santos”).
At Unocal he was the Senior Vice President of Unocal E&P Indonesia and President of Unocal Makassar and developed and produced the West Seno field utilising a min-TLP, semisubmersible TAD and a barge hull FPU. At Santos he was the President of Santos Indonesia and developed and produced the Maleo and Oyang fields.
He was the Chairman and CEO of Black Gold Energy in partnership with Goldman Sachs and Temasek.
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2020-03-05 10:43 | Report Abuse
Alexandra Elisabeth Johanna Maria Schaapveld
Aged 61, Netherlands
Independent Non-Executive Director/
Chairperson of Remuneration Committee/ Member of Audit
and Nomination & Corporate Governance Committees
DATE OF APPOINTMENT:
8 June 2011
Alexandra Schaapveld started her career at ABN AMRO Bank in 1984 in corporate banking and subsequently in investment banking: equity capital markets and mergers and acquisitions.
She had always been a strong advocate of client relations at the Bank. In 2001, she was made Senior Executive Vice President responsible for sector expertise and in 2004 she became the head of the global clients and investment banking units. After the acquisition of ABN AMRO Bank by a consortium of banks, she became head of Europe for Royal Bank of Scotland in 2008.
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2020-03-05 10:42 | Report Abuse
YAM TUNKU ALI REDHAUDDIN IBNI TUANKU MUHRIZ
Aged 42, Malaysian
Chairman /
Independent Non-Executive Director /
Chairperson of Nomination & Corporate Governance Committee
DATE OF APPOINTMENT:
Director - 17 January 2013
Chairman - 18 June 2013
Tunku Ali Redhauddin ibni Tuanku Muhriz (“Tunku Ali”) brings with him significant experience and knowledge in the global investment field, having been with Khazanah Nasional Berhad (“Khazanah”) from 2004 to 2010, where he was a Director in the Investments Division.
There, he worked on a number of transformational projects and new investments in Malaysia and throughout Asia. Prior to Khazanah, Tunku Ali gained international client service experience while serving in McKinsey & Company as a management consultant from 1998 to 2004 where he worked on corporate strategy, organisational and governance projects in Europe, North America, and Asia. In addition to Bumi Armada Berhad and other public companies, Tunku Ali sits on the boards of several companies including Themed Attractions, Resorts and Hotels Sdn Bhd and Iskandar Malaysia Studios Sdn Bhd. He is also a Senior Advisor to TPG Capital, a global Private Equity firm.
He is Chairman and Founding Trustee of Teach For Malaysia, Chairman of WWF Malaysia, Chairman of the Board of Governors of Marlborough College Malaysia, and Pro Chancellor of Universiti Sains Islam Malaysia.
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2020-03-05 10:39 | Report Abuse
Armada is safe to invest in this two years.
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2020-03-04 15:33 | Report Abuse
Oil clambers higher as OPEC, allies move closer to deeper output cuts
PUBLISHED TUE, MAR 3 20209:57 PM ESTUPDATED 2 HOURS AGO
Reuters
KEY POINTS
Brent crude rose by 78 cents, or 1.50%, to $52.64 a barrel at 0502 GMT, after settling down 4 cents in the previous session.
U.S. West Texas Intermediate (WTI) futures rose by 72 cents, or 1.53%, to $47.90 a barrel, up for a third session.
GP: Oil production facilities 200205 ASIA
A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.
Dado Galdieri | Bloomberg | Getty Images
Oil prices jumped 1.5% on Wednesday on hopes that major producers have made progress towards sealing an agreement to implement deeper output cuts aimed at offsetting the slump in demand caused by the global coronavirus outbreak.
Brent crude rose by 78 cents, or 1.50%, to $52.64 a barrel at 0502 GMT, after settling down 4 cents in the previous session. U.S. West Texas Intermediate (WTI) futures rose by 72 cents, or 1.53%, to $47.90 a barrel, up for a third session.
A panel of the Organization of Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday. The recommendation may mean that Russia and Saudi Arabia, the two biggest producers in the OPEC+ group, are close to a deal to support prices.
That would be in addition to 2.1 million bpd in current output cuts that include a 1.7 million bpd in curbs by OPEC+ and other voluntary reductions by Saudi Arabia, the world’s biggest exporter. The group is set to meet formally in Vienna on March 5-6.
“This is no time for caution for OPEC+. Second-quarter oversupply needed some heavy lifting from the group to offset even before the COVID-19 (coronavirus disease) outbreak, but now it is a must,” Barclays analysts said in a research note.
Brent and WTI have each fallen about 27% from their 2020-peak reached in January.
The expected 1 million bpd additional cut by OPEC+ would still fall well short of the newly increased 2.1 million bpd expected global demand loss in the first half alone, Goldman Sachs analysts wrote in a research note.
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2020-03-04 15:12 | Report Abuse
The operators brought in huge...0.300-0.305
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2020-03-04 13:35 | Report Abuse
Good news for ARMADA, armada will fly high after the break
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2020-03-04 13:34 | Report Abuse
Bumi Armada buys time for a turnaround
Adam Aziz
/
The Edge Financial Daily
March 04, 2020 08:42 am +08
This article first appeared in The Edge Financial Daily, on March 4, 2020.
-A+A
KUALA LUMPUR: The latest round of financing announced by floating production storage and offloading (FPSO) operator Bumi Armada Bhd is seen as giving it more time to resolve its tight cash flow position.
But having recategorised the bulk of its short-term debt to long-term, analysts are mixed on the progress of the company’s road to turn around.
On one hand, the view is that Bumi Armada needs to lay out its restructuring plan more clearly to address its high debt level, while another pointed to the improving operating cash flow as a positive sign.
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Bumi Armada said on Monday it had secured a loan facility of US$64.3 million (RM270.7 million) due Dec 31, 2021. The loan was obtained from Singapore’s ING Bank NV by Bumi Armada’s wholly-owned unit Armada TGT Ltd.
The new loan comes as good news for the company, which is working hard to reduce its short-term liabilities and pare down its overall debt to clean up its balance sheet.
In its latest quarterly results’ note, Bumi Armada said its lender for Armada Kraken Pte Ltd (AKPL) has agreed to remove the risk of having to prepay its long-term loan of RM1.33 billion, previously classified as short-term liability due to non-compliances related to the FPSO Kraken vessel project.
With the AKPL loan set to be recategorised, Bumi Armada’s short-term debts now amount to RM1.145 billion, comprising RM813.24 million term loans and another facility of RM301.55 million.
In November last year, Bumi Armada’s major shareholder Usaha Tegas Sdn Bhd provided commitment to financing US$75 million to refinance an existing facility and to fund Bumi Armada’s 30% equity interest in a joint-venture project in India.
Coupled with this latest loan of RM271 million, that leaves another RM874 million short-term debt which the company has to pay off or refinance in the near term.
Between October and December 2019, Bumi Armada paid off RM389.13 million worth of borrowings.
Amid the slew of good news, one analyst with a local investment bank maintained that the crux of the problem is the group’s high gearing. Long-term borrowing still stands at RM8.345 billion after including the recategorised AKPL loans.
Finance costs for the year stood at RM555.5 million from RM522.15 million the year before — more than its gross profit of RM553.44 million for the same period.
“The financing is a good short-term relief to support its cash flow. But considering its predicament, it might find it difficult to negotiate the terms of financing,” an analyst with a regional bank told The Edge Financial Daily.
“Considering its high debt level, refinancing is not a long-term solution. It still has to figure out how to turn things around.
“It helps if Bumi Armada can secure redeployment for FPSO Claire, or if it manages to monetise its FPSO assets while still retaining control, such as its prized asset FPSO Olombendo,” the analyst added.
Another analyst with a local investment bank, meanwhile, highlighted the company’s improving operating cash flow of over RM700 million last year — adding that it could improve further from better contribution from FPSO Kraken on improved uptime performance.
“It (Bumi Armada’s financial position) does not seem as alarming as it once was,” said the analyst. “It depends on the discount warranted on this company … considering the negative surprises previously.”
The counter, which is linked to tycoon Ananda Krishnan, has a wide range of target price (TP) from a low of 20 sen to a high of 75 sen per share, with an average TP of 48 sen per share.
It closed unchanged at 31 sen yesterday, with a market capitalisation of RM1.82 billion. Bumi Armada was among the top active counters on Bursa Malaysia, with some 72.97 million shares traded.
The counter retreated from its high of 54 sen in January, following weaker oil prices amid concerns about global demand due to the Covid-19 outbreak, and further dragged down by weaker results for the fourth quarter ended Dec 31, 2019 (4QFY19).
For the quarter, the group booked an impairment amounting to RM233.6 million on accrued lease rental in relation to the unsuccessful legal claim against Woodside Energy pertaining to the wrongful termination on FPSO Claire. It is currently filing an appeal against the decision.
Meanwhile, there is also the possibility of partial write-back on impairment worth RM479 million made in 4QFY18 arising on FPSO Kraken, which saw improved uptime performance last year.
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2020-03-04 12:51 | Report Abuse
The agreement for bandar Malaysia project already signed. The only counter will give hope in present stock market.
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2020-03-04 10:55 | Report Abuse
Bandar Malaysia project diteruskan.
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2020-03-03 17:50 | Report Abuse
首相指示政府机关 速执行财案振兴配套
Nanyang Tue, Mar 03, 2020 05:20pm - 29 minutes ago
慕尤丁
（布城3日讯）首相丹斯里慕尤丁今日指示政府机关，认真重视实施和加速执行2020年财政预算案及经济振兴配套。
他也指示财政部必须确保经济振兴配套内的所有倡议能顺利和迅速执行，以及监督此配套的整体效益和表现。
“政府开支必须更加谨慎，减少疏漏，确保国家财务保持稳健。同时在政府债务和负债管理方面，每一项发展计划都必须精打细算，以便不加重政府的财政承担和国债。”
慕尤丁在首相办公室今日发出的文告中，如是指出。
“2020年年度预算案的拨款，应该对经济增长带来高回报，提高人民和国家收入，因此，必须提高政府计划和项目的有效性，从而确保所开销的每一笔公款对国家和人民的福祉带来充分的利益。
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2020-03-03 17:50 | Report Abuse
首相指示政府机关 速执行财案振兴配套
Nanyang Tue, Mar 03, 2020 05:20pm - 29 minutes ago
慕尤丁
（布城3日讯）首相丹斯里慕尤丁今日指示政府机关，认真重视实施和加速执行2020年财政预算案及经济振兴配套。
他也指示财政部必须确保经济振兴配套内的所有倡议能顺利和迅速执行，以及监督此配套的整体效益和表现。
“政府开支必须更加谨慎，减少疏漏，确保国家财务保持稳健。同时在政府债务和负债管理方面，每一项发展计划都必须精打细算，以便不加重政府的财政承担和国债。”
慕尤丁在首相办公室今日发出的文告中，如是指出。
“2020年年度预算案的拨款，应该对经济增长带来高回报，提高人民和国家收入，因此，必须提高政府计划和项目的有效性，从而确保所开销的每一笔公款对国家和人民的福祉带来充分的利益。
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2020-03-03 16:20 | Report Abuse
Klse index up 0.89%
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2020-03-03 16:19 | Report Abuse
Klse index up 0.81%
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2020-03-03 16:17 | Report Abuse
Klse index up 0.69% presently
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2020-03-03 15:22 | Report Abuse
Bumi Armada rises on fresh refinancing facility
Adam Aziz
/
theedgemarkets.com
March 03, 2020 12:44 pm +08
-A+A
KUALA LUMPUR (March 3): Shares of Bumi Armada Bhd are on course to snap their three-day losing streak, following news that the company has secured a loan refinancing facility of US$64.3 million (RM270.06 million).
The counter opened at its intra-day high of 32.5 sen, up 1.5 sen from the previous close, before paring its gains to trade unchanged at 31 sen at press time for a market capitalisation of RM1.82 billion.
It was the fourth most active counter on Bursa Malaysia with 4.3 million shares traded as at 11.49am.
The RM270 million loan was secured from Singapore’s ING Bank NV by Bumi Armada’s wholly-owned unit Armada TGT Ltd, the company said yesterday.
The new loan comes as good news for the company, which is working hard to pare down its debt, especially its short-term liabilities, and clean up its balance sheet.
On Feb 27, Bumi Armada said its lenders for Armada Kraken Pte Ltd has agreed to remove the risk of having to pre-pay its long-term loan of RM1.33 billion, previously classified as short-term liability due to non-compliances related with the Armada Kraken floating production storage offloading vessel project.
Shares of Bumi Armada have retreated from their December 2019 peak of 54 sen apiece, following weaker oil prices amid concerns of global demand due to the Covid-19 outbreak, and further dragged by weaker-than-expected latest quarterly results announced on Feb 27.
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2020-03-03 11:28 | Report Abuse
Just wait for 30 cent limit up
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2020-03-03 11:24 | Report Abuse
PUTRAJAYA: Perdana Menteri, Tan Sri Muhyiddin Yassin, hari ini memulakan tugas hari kedua dengan menghadiri taklimat ekonomi oleh kepemimpinan tertinggi di Kementerian Kewangan.
Taklimat bermula jam 9 pagi, dihadiri Ketua Setiausaha Perbendaharaan, Tan Sri Ahmad Badri Mohd Zahir; Ketua Setiausaha Kementerian Hal Ehwal Ekonomi, Datuk Saiful Anuar Lebai Hussen; Ketua Ekonomi, Bahagian Fiskal dan Ekonomi, Kementerian Kewangan, Dr V. Sivabalasingam dan Pengarah Belanjawan Negara, Johan Mahmood Merican.
Turut hadir Ketua Setiausaha Negara, Datuk Seri Mohd Zuki Ali.
Muhyiddin juga dijadualkan mendengar taklimat Status COVID-19 oleh Pasukan Petugas Khas Kementerian Kesihatan pada jam 11 pagi ini, disusuli pertemuan bersama Mufti Wilayah Persekutuan, Datuk Seri Dr Zulkifli Mohamad Al-Bakri.
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2020-03-03 11:22 | Report Abuse
PUTRAJAYA: Perdana Menteri, Tan Sri Muhyiddin Yassin, hari ini memulakan tugas hari kedua dengan menghadiri taklimat ekonomi oleh kepemimpinan tertinggi di Kementerian Kewangan.
Taklimat bermula jam 9 pagi, dihadiri Ketua Setiausaha Perbendaharaan, Tan Sri Ahmad Badri Mohd Zahir; Ketua Setiausaha Kementerian Hal Ehwal Ekonomi, Datuk Saiful Anuar Lebai Hussen; Ketua Ekonomi, Bahagian Fiskal dan Ekonomi, Kementerian Kewangan, Dr V. Sivabalasingam dan Pengarah Belanjawan Negara, Johan Mahmood Merican.
Turut hadir Ketua Setiausaha Negara, Datuk Seri Mohd Zuki Ali.
Muhyiddin juga dijadualkan mendengar taklimat Status COVID-19 oleh Pasukan Petugas Khas Kementerian Kesihatan pada jam 11 pagi ini, disusuli pertemuan bersama Mufti Wilayah Persekutuan, Datuk Seri Dr Zulkifli Mohamad Al-Bakri.
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2020-03-03 10:12 | Report Abuse
Oil sees biggest daily gain of 2020 as traders hope for OPEC cuts this week
By Myra P. Saefong, Barbara Kollmeyer
Published: Mar 2, 2020 3:11 pm ET
WTI, Brent crude each climb by 4.5% on Monday
All eyes on OPEC and its allies.
All eyes on OPEC and its allies.
Oil futures settled Monday with a gain of more than 4%—the biggest daily percentage climb of the year—boosted by optimism that OPEC and its allies will soon announce additional production cuts.
Prices also found support from expectations that global central banks are ready to support economies amid the coronavirus outbreak.
That’s on the heels of the biggest weekly percentage loss in over a decade for West Texas Intermediate crude driven by investor fears the spread of COVID-19 would significantly hurt crude demand.
“Signs of monetary and fiscal stimulus as well as possible further production cuts from OPEC+ later in the week are driving a rebound in oil prices,” analysts at ICICI Bank, in a daily note.
April WTI crude futures CLJ20+2.93% climbed by $1.99, or nearly 4.5%, to settle at $46.75 a barrel on the New York Mercantile Exchange, after tumbling 5% on Friday to settle at $44.76 a barrel. For the week, the contract fell over 16%, the biggest weekly drop since December 2008, according to Dow Jones Market Data.
The global benchmark, May Brent crude UK:BRNK20+2.72% tacked on $2.23, or 4.5%, to finish at $51.90 a barrel on ICE Futures Europe. It fell 14% last week, which was the biggest weekly decline since Jan. 15, 2016.
The front-month contracts for both WTI and Brent posted their largest one-day percentage gains since Sept. 16, 2019, according to Dow Jones Market Data.
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2020-03-03 10:08 | Report Abuse
经济最重要 慕尤丁今先见财部
2020年3月03日
1872
“财”重要！
首相丹斯里慕尤丁周二上午率先到财政部聆听部门主管汇报国家经济。与会的有政府首席秘书拿督斯里莫哈末祖基、财政部秘书长丹斯里阿末巴德里及经济事务部秘书长拿督赛夫安华。
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2020-03-03 10:08 | Report Abuse
经济最重要 慕尤丁今先见财部
2020年3月03日
1872
“财”重要！
首相丹斯里慕尤丁周二上午率先到财政部聆听部门主管汇报国家经济。与会的有政府首席秘书拿督斯里莫哈末祖基、财政部秘书长丹斯里阿末巴德里及经济事务部秘书长拿督赛夫安华。
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2020-03-03 09:43 | Report Abuse
The bandar malaysia project will continue, agreement already signed
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2020-03-02 20:06 | Report Abuse
Its order book remains healthy at RM17.5 billion (FPO: RM16.6 billion, OMS: RM900,000) with another RM9.8 billion worth of potential extension. This will sustain the group’s revenue for the next few years.
The 2019 normalised net profit of RM194.3 million (-10% y-o-y) achieved 73% of our full-year forecast of RM2.66 billion while the 12-month revenue dropped 14% y-o-y to RM2.07 billion and achieved 90% of our FY19 forecast. We are lowering our revenue and earnings per share forecasts for FY20 by 19% and 19.5% respectively.
We maintain “hold” with a lower TP of 37 sen (previously 50 sen) based on its base three-year average price-to-book value, which is reduced from +1 standard deviation due to lower oil prices and cautious outlook for the oil and gas industry. — JF Apex Securities Bhd, Feb 28
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2020-03-02 18:08 | Report Abuse
OTHERS BUMI ARMADA BERHAD LOAN FACILITY OF USD64.3 MILLION FOR FLOATING PRODUCTION STORAGE OFFLOADING ARMADA TGT 1 (FPSO ARMADA TGT 1) IN VIETNAM
BUMI ARMADA BERHAD
Type Announcement
Subject OTHERS
Description BUMI ARMADA BERHAD
LOAN FACILITY OF USD64.3 MILLION FOR FLOATING PRODUCTION STORAGE OFFLOADING ARMADA TGT 1 (FPSO ARMADA TGT 1) IN VIETNAM
1. INTRODUCTION
Bumi Armada Berhad ("Bumi Armada" or the "Company") wishes to announce that its wholly-owned subsidiary, Armada TGT Ltd ("Armada TGT") has secured a loan facility of USD64.3 million (approximately RM270.86 million) with a final maturity date on 31 December 2021 from ING Bank N.V., Singapore pursuant to the terms of a Facility Agreement dated 29 February 2020 (“Facility”).
2. INFORMATION ON ARMADA TGT
Armada TGT is a company incorporated in the Republic of the Marshall Islands and is a wholly owned subsidiary of Bumi Armada.
The principal activities of Armada TGT are ship owners, charterers, managers of ships and vessels, and provision of marine support and other services to offshore oil and gas companies.
Armada TGT owns the FPSO Armada TGT 1 which is currently servicing a charter contract with Hoang Long Joint Operating Company in the Te Giac Triang field for a firm charter period from 27 August 2018 until 14 November 2024 (“Bareboat Charter”).
3. INFORMATION ON THE FACILITY
The Facility is intended for Armada TGT to fund, amongst others, the repayment of its existing loan from the Company, transaction expenses and financing costs.
The repayment of the Facility will be via charter proceeds from the Bareboat Charter and the security for the Facility is the standard security package for this type of loan facility.
4. EFFECTS OF THE FACILITY
Issued and Paid-up Share Capital and Substantial Shareholding
The Facility will not have any effect on the issued and paid-up share capital of Bumi Armada or the substantial shareholders’ shareholdings in Bumi Armada.
Earnings
The Facility is not expected to have any material effect on the earnings of Bumi Armada for the financial year ending 31 December 2020.
Net Assets and Gearing
The Facility is not expected to have any material effect on the net assets and gearing of the Bumi Armada Group based on its latest audited consolidated balance sheet as at 31 December 2018.
5. DIRECTORS AND MAJOR SHAREHOLDER’S INTERESTS
None of the Directors and/or Major Shareholders of the Company or persons connected with them have any interest, direct or indirect in the Facility.
6. DIRECTORS’ RECOMMENDATION
The Board of Directors of Bumi Armada is of the opinion that the Facility is in the best interests of the Company.
This announcement is dated 2 March 2020.
*Based on the exchange rate of USD1 : RM4.2125 on 2 March 2020 as set out in Bank Negara Malaysia’s website.
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2020-03-02 18:07 | Report Abuse
OTHERS BUMI ARMADA BERHAD LOAN FACILITY OF USD64.3 MILLION FOR FLOATING PRODUCTION STORAGE OFFLOADING ARMADA TGT 1 (FPSO ARMADA TGT 1) IN VIETNAM
BUMI ARMADA BERHAD
Type Announcement
Subject OTHERS
Description BUMI ARMADA BERHAD
LOAN FACILITY OF USD64.3 MILLION FOR FLOATING PRODUCTION STORAGE OFFLOADING ARMADA TGT 1 (FPSO ARMADA TGT 1) IN VIETNAM
1. INTRODUCTION
Bumi Armada Berhad ("Bumi Armada" or the "Company") wishes to announce that its wholly-owned subsidiary, Armada TGT Ltd ("Armada TGT") has secured a loan facility of USD64.3 million (approximately RM270.86 million) with a final maturity date on 31 December 2021 from ING Bank N.V., Singapore pursuant to the terms of a Facility Agreement dated 29 February 2020 (“Facility”).
2. INFORMATION ON ARMADA TGT
Armada TGT is a company incorporated in the Republic of the Marshall Islands and is a wholly owned subsidiary of Bumi Armada.
The principal activities of Armada TGT are ship owners, charterers, managers of ships and vessels, and provision of marine support and other services to offshore oil and gas companies.
Armada TGT owns the FPSO Armada TGT 1 which is currently servicing a charter contract with Hoang Long Joint Operating Company in the Te Giac Triang field for a firm charter period from 27 August 2018 until 14 November 2024 (“Bareboat Charter”).
3. INFORMATION ON THE FACILITY
The Facility is intended for Armada TGT to fund, amongst others, the repayment of its existing loan from the Company, transaction expenses and financing costs.
The repayment of the Facility will be via charter proceeds from the Bareboat Charter and the security for the Facility is the standard security package for this type of loan facility.
4. EFFECTS OF THE FACILITY
Issued and Paid-up Share Capital and Substantial Shareholding
The Facility will not have any effect on the issued and paid-up share capital of Bumi Armada or the substantial shareholders’ shareholdings in Bumi Armada.
Earnings
The Facility is not expected to have any material effect on the earnings of Bumi Armada for the financial year ending 31 December 2020.
Net Assets and Gearing
The Facility is not expected to have any material effect on the net assets and gearing of the Bumi Armada Group based on its latest audited consolidated balance sheet as at 31 December 2018.
5. DIRECTORS AND MAJOR SHAREHOLDER’S INTERESTS
None of the Directors and/or Major Shareholders of the Company or persons connected with them have any interest, direct or indirect in the Facility.
6. DIRECTORS’ RECOMMENDATION
The Board of Directors of Bumi Armada is of the opinion that the Facility is in the best interests of the Company.
This announcement is dated 2 March 2020.
*Based on the exchange rate of USD1 : RM4.2125 on 2 March 2020 as set out in Bank Negara Malaysia’s website.
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2020-03-02 17:21 | Report Abuse
Y.A.M. Tunku Dato’ Seri Utama Naquiyuddin ibni Almarhum Tuanku Ja'afar DK, DKYR, SPNS, SPMP, PPT, BSc (Econ) (Hons), LLD (Honorary)
Tunku Naquiyuddin received his education at the King's School in Canterbury and read International Politics at the University College of Wales, Aberystwyth, United Kingdom (UK). He initially served the Malaysian Diplomatic Corps and was posted to Paris between 1972-1975 as 2nd secretary. He speaks fluent French.
Tunku Naquiyuddin was SPA Chairman until April 1994, when he left the position to fulfill his duty as Negeri Sembilan’s Regent during his father's term as King of Malaysia. After completing his term as Regent, Tunku Naquiyuddin was appointed Chairman of Antah Holdings Berhad (AHB) in 1999. He currently holds this office in Sino Hua-An International Berhad (which has taken over the listing status of AHB).
Tunku Naquiyuddin is also Chairman of Kian Joo Can Factory Berhad and Director of Ann Joo Resources Berhad and Chairman of Noble Mineral Resources Ltd listed in Australia (ASX). He has held various positions in trade associations and professional bodies including the Federation of Public Listed Companies, Malaysia - France Economic and Trade Association, Alliance Francaise de Kuala Lumpur as well as a Committee Member of KLSE (now known as Bursa Malaysia) from 1989-1994.
A keen environmentalist, Tunku Naquiyuddin was a Committee Member of the World Wide Fund for Nature (Malaysia) and Chairman of the Malaysia Wildlife Conservation Foundation.
Tunku Naquiyuddin is married to Y.M. Tunku Dato' Seri Nurul Hayati Bt. Tunku Dato' Bahador and they are blessed with four children and two grandchildren.
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Tunku Naquiyuddin ibni Almarhum Tuanku Ja'afar is the eldest son of Tuanku Jaafar ibni Almarhum Tuanku Abdul Rahman, the Yang di-Pertuan Besar of Negeri Sembilan, who was also a former Yang di-Pertuan Agong of Malaysia
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MAUREEN TOH SIEW GUAT
Aged 53, Malaysian
Non-Independent Non-Executive Director /
Member of Audit, Risk Management, and Remuneration Committees
DATE OF APPOINTMENT:
23 April 2014
Maureen Toh Siew Guat (“Maureen Toh”) has more than 20 years of legal experience, primarily in corporate, commercial and banking matters and equity/capital markets, including stints with law firms in Kuala Lumpur and Singapore.
She is a Director of Usaha Tegas Sdn Bhd ("UTSB"), which is a Malaysian based investment holding company which has significant interests in companies operating across diverse industries such as telecommunications, media and entertainment, energy and real estate and leisure, including the following companies which are listed on Bursa Malaysia Securities Berhad – Maxis Berhad (integrated communications services group) and Astro Malaysia Holdings Berhad (integrated consumer media entertainment group). She was previously the Group General Counsel of UTSB.