Posted by whoo > 2019-03-15 10:34 | Report Abuse

armada start moving now....

Posted by Ron90 > 2019-03-15 12:05 | Report Abuse

Barakah chairman also CEO at YINSON Energy la..and the rest of BOD have good connection with Petronas..

Posted by Wuzy > 2019-03-15 19:20 | Report Abuse

Goreng can la, don't hold for long term, will drop back below 10 sen anytime, because high net debt, high debt, cash flow not nice, high gearing, latest EPS lower that previous QR EPS and etc.

Posted by Yu_and_Mee > 2019-03-16 11:38 | Report Abuse

@enid88, I think you either an operator's staff or you were being conned. This company has very high debt.
Read this:

The proposed restructuring scheme of ailing company and its main units (PBJV Group Sdn Bhd and Kota Laksamana 101 Ltd) seeks to address as much as RM726.53 mil in debt.


While Barakah’s total debt was RM38.66 million, its wholly owned unit PBJV has amassed RM401.01 million in debt and Kota Laksamana 101 had RM286.86 million in debt. Of the RM726.53 million, RM341.94 million was owed to financial institutions and RM384.59 million to unsecured creditors as at June 2018.

Export Import Bank of Malaysia Bhd has the highest exposure.

It is also understood that a chunk of its liabilities is off balance sheet transactions.

As at end Dec 2018 the company had cash and bank balances of RM44.97 million and fixed deposits of RM85.71 million and had long term borrowings of RM172.02 million and short term debt obligations of RM2.21 million.

It is worth nothing that the debt obligations of Barakah stated in its restructuring plan are almost four times that stated in its latest balance sheet.

The restructuring plan has two parts. The first addresses PBJV while the second involves Barakah and entails a share premium consolidation, capital reduction, private placement of ICULS and issuance of RCULS.


Its largest shareholders are CEO Nik Hamdan with 35.65% stake and Tan Sri Yaw of the Samling group with an 8.97% stake. The Federal Land Development Authority ceased to be a substantial shareholder in June 2018.

Earlier March 2019, Barakah announced that a restraining order against its creditors had been extended for another 90 days, commencing on Jan 14. 2019. It was granted the RO on Oct 12 2018.

The RO is for Barakah to manage the debt levels of the company and PBJV. It also allows Barakah and its units to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the company.

In Jan 2019, Petronas cautioned that PBJV had been suspended by Petronas since June 2018 due to non performance.

Posted by Yu_and_Mee > 2019-03-16 11:39 | Report Abuse

not each of O&G companies is good. beware on your investment unless you are trading.

Posted by InvestorKING > 2019-03-16 17:12 | Report Abuse

Buy Armada and knm more now and onwards, the goreng group is targeting Armada and knm now, besides sapura, perdana, penergy, dayang, alam all these already goreng up by other operators previously, reliable source



Friday Armada down is because of bumi Armada operator keep absorbing shorties shares, goreng group not yet start

But goreng group already started knm already.

Target for knm short run is 0.20, and armada is 0.25 - 0.30

Posted by Megan88 > 2019-03-16 20:56 | Report Abuse

Blood bath starting new week for barakah.. should run on Monday?

Posted by Vxturbo > 2019-03-16 21:25 | Report Abuse

Good

Posted by Vxturbo > 2019-03-16 21:26 | Report Abuse

Go to study

Posted by Hero Kuasa Tiga > 2019-03-17 00:05 | Report Abuse

Barakah ok or not??

Posted by Yu_and_Mee > 2019-03-17 08:03 | Report Abuse

See, i said @enid88 is con people. Read this news.

http://www.enanyang.my/?p=1197579

Posted by Yu_and_Mee > 2019-03-17 08:07 | Report Abuse

Or may be he also being conned or he doesn't stidy well.
If really want to invest or trade oil counter, better srudy a lot well. Not all can be invested or trade.

Posted by snwong13 > 2019-03-17 09:30 | Report Abuse

.
No harm to invest "some" (spread your portfolio) in BARAKAH while still at historical low!!.
Losses gap down in 2018 (-RM62M) compared to 2017 (-RM217M)
Decent cash/Bank balances.
Awarded some contracts of late with great presence in Sarawak/its shareholders.
Thus still have some prospects to aim....
You may have a HUGE gain with JUST a little few sen of gap up!
Good Luck

Posted by winmal > 2019-03-17 11:32 | Report Abuse

final debt issue resolved, move forward to gain on oil recovery

Posted by InvestorKING > 2019-03-17 15:12 | Report Abuse

Buy Armada and knm more now and onwards, the goreng group is targeting Armada and knm now, besides sapura, perdana, penergy, dayang, alam all these already goreng up by other operators previously, reliable source



Friday Armada down is because of bumi Armada operator keep absorbing shorties shares, goreng group not yet start

But goreng group already started knm already.

Target for knm short run is 0.20, and armada is 0.25 - 0.30

Posted by Yu_and_Mee > 2019-03-17 15:12 | Report Abuse

Limited capital like me, cannot offort to invest a company like this for now.

Posted by fkser > 2019-03-17 15:39 | Report Abuse

Noob

Posted by fkser > 2019-03-17 15:40 | Report Abuse

Angel and devil

Posted by winmal > 2019-03-17 22:54 | Report Abuse

the price traded at historical low is due to his debt issues remain unsettled. if there successful restructure his debt his share price back to rm0.60

Posted by Megan88 > 2019-03-18 08:50 | Report Abuse

Haha.. just saw the selling queue.. today limit down..

Posted by Vxturbo > 2019-03-18 09:00 | Report Abuse

这只股政府有股份

Posted by enid888 > 2019-03-18 09:18 | Report Abuse

All the negative news have already been reflected in the low price. If Barakah's debt restructuring proposal is accepted by the banks and its creditors, the price may jump just like many other turnaround companies.

Posted by Flyinghorse > 2019-03-18 09:18 | Report Abuse

Going to holland

Posted by BringMeFly > 2019-03-18 09:23 | Report Abuse

top up 0.115 matched

Posted by kenie > 2019-03-18 09:40 | Report Abuse

Problem malaysia oil gas company.
https://klse.i3investor.com/blogs/muze/

Posted by meisarel > 2019-03-18 09:49 | Report Abuse

Barakah got MCM for 5 years from 5 different conpanies:

1. Hess
2. Enquest
3. Petrofac
4. IPC (formerly Lundin)
5. Sapura

All these big companies awarded to Barakah buta2 ka? No check on the company financial background ka? Cannot be all 5 buta2 make mistake right.

At 60 sen maybe got risk. But at 12 sen, most likely priced in already. Maybe.

Posted by StarBright > 2019-03-18 10:16 | Report Abuse

betul Meisarel

Posted by sportstoto > 2019-03-18 13:39 | Report Abuse

tp:0.14

Posted by thesteward > 2019-03-18 17:15 | Report Abuse

This one ok la...patient abit

Posted by snwong13 > 2019-03-18 18:20 | Report Abuse

.
OTHERS BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR "THE COMPANY") - CLARIFICATION ON A NEWS ARTICLE APPEARING IN THE EDGE MALAYSIA BUSINESS AND INVESTMENT WEEKLY PUBLICATION FOR THE PERIOD FROM 18 - 24 MARCH 2019 ENTITLED "BARAKAH SEEKS TO RESTRUCTURE RM726 MIL DEBT"

Reference is made to the news article entitled "Barakah seeks to restructure RM726 mil debt” appearing in The Edge Malaysia Business and Investment Weekly publication for the period from 18 - 24 March 2019.

The Board of Directors of Barakah (“Board”) wishes to clarify that the Company is still in the midst of formulating a debt restructuring scheme to settle the Group’s debt. At this juncture, the actual amount of debt to be restructured has yet to be determined. It is to be noted that based on our fourth quarterly (4th) unaudited financial report for the financial period ended 31 December 2018, Barakah and its subsidiaries recorded a total liabilities of RM335.6 million.

As announced by the Company on 6 March 2019, the High Court of Malaya at Kuala Lumpur had on 6 March 2019 granted, amongst others, the following:

(a) the Restraining Order be extended for a further period of 90 days commencing from 14 January 2019;

(b) contingent creditors be expressly excluded from the Restraining Order; and

(c) Encik Sulaiman bin Ibrahim be approved to act as director of the Company pursuant to Section 368(2)(d) of the Companies Act 2016.

The Restraining Order was applied as one of the proactive measures taken by Barakah to manage the debt levels of the Company and its wholly-owned subsidiary, namely PBJV Group Sdn Bhd (collectively known as “Barakah Group”) and the Restraining Order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the Company.

No definite or conclusive terms have been agreed upon with any of the lenders and creditors of Barakah Group. An appropriate announcement will be made by the Board in the event that the finalised debt restructuring scheme is agreed upon.

The Board is cognisant of the need for proper dissemination of information to the public and will release an announcement on Bursa Malaysia Securities Berhad (“Bursa Securities”) on any material information on a timely basis as required by the Main Market Listing Requirements of the Bursa Securities.

This announcement is dated 18 March 2019.

Posted by snwong13 > 2019-03-18 18:32 | Report Abuse

.
Where on earth the Edge got the figure!

Posted by Flyinghorse > 2019-03-18 18:40 | Report Abuse

Going holland tomorrow????

Posted by whoo > 2019-03-18 18:45 | Report Abuse

Tomorrow price will rebounce from today lowest

Posted by enid888 > 2019-03-18 18:55 | Report Abuse

@Yu_and_Mee,

Barakah confirmed that the figures in their balance sheet is correct. As at 31/12/18, Barakah and its subsidiaries recorded a total liabilities of RM335.6 million. The short term borrowing was RM2.2mil. Long term borrowing was RM172mil. The cash in hand and fixed deposits amounted to RM130.7mil.

The liabilities of Barakah was much lower than what was falsely reported in "TheEdge". Barakah was in a much better condition than what was illustrated in the false report.

Where did "TheEdge" get these figures? It is misleading and may cause panic selling which may eventually resulted in unwanted losses for the shareholders who reacted basing on the false article.

Posted by ramada > 2019-03-18 18:57 | Report Abuse

Barakah may drop to RM0.10 in this few days. Rally for oil & gas ended already.

Posted by enid888 > 2019-03-18 19:01 | Report Abuse

If the debts is successfully restructured. The contingent creditors agree to accept RCULS and ICULS as payments for their debts, Barakah share price will jump.

Posted by Scalp3r > 2019-03-18 20:33 | Report Abuse

Runnnnn

Posted by sheep > 2019-03-18 20:45 | Report Abuse

RM726 mil vs RM335.6mil... so big difference?
The Edge must apologies for the mistakes or defend it by providing more details...

Posted by whoo > 2019-03-18 21:05 | Report Abuse

Today the price down due to the Edge write up. The Management immediately decided to released an announcement to clear any doubt or misunderstanding. They still in the midst of recovery process. Today price have reflected all the bad news. Price will be back to normal. Good news will be out soon

Posted by Wuzy > 2019-03-19 00:05 | Report Abuse

跑跑跑 快点跑 跑得快 不用住套房

Posted by matket > 2019-03-19 00:23 | Report Abuse

Topup some more at 0.115

Posted by enid888 > 2019-03-19 01:40 | Report Abuse

Barakah is in fact a turn around play. If the company is able to turn around to become profitable, the share price will shoot up.

The biggest borrowing of Barakah is from Export-Import Bank of Malaysia Bhd, which is a government bank. Therefore, Barakah's debts restructuring proposal may be accepted by Export-Import Bank of Malaysia Bhd. The bank may accept ICULS and RCULS as repayment for the loans extended to Barakah.

There is a high possibility that the proposal may be successful.

Posted by ikah2000 > 2019-03-19 09:47 | Report Abuse

90days to decide whether this stock will be sharply decline or incredible upward...

Posted by avatarsnipe > 2019-03-19 12:32 | Report Abuse

Now it bleed

Posted by Looiks > 2019-03-19 16:01 | Report Abuse

hehehe.....time to play again

Posted by Looiks > 2019-03-19 16:32 | Report Abuse

hehehe......this counter can weather the 'storm'

Posted by gobu86 > 2019-03-19 17:07 | Report Abuse

"hammer" pattern on the daily chart. Tomorrow is the confirmation for a green day ;)

Posted by gobu86 > 2019-03-19 23:38 | Report Abuse

“Be fearful when everyone is greedy, and be greedy when everyone is fearful.” -Warren Buffet

Alot of fear in Barakah right now, makes me buy it ;)

Posted by BigPro > 2019-03-20 08:52 | Report Abuse

Wait until below 0.10...

Posted by BigPro > 2019-03-20 10:01 | Report Abuse

Waiting for below 0.100 then can enter...