Reference is made to the announcement dated 22 April 2019 in relation to the CCM pursuant to Section 366 of the Companies Act 2016 (“Act”).
On behalf of the Board of Directors of Barakah (“Board”), MIDF Amanah Investment Bank Berhad wishes to announce that the High Court of Malaya at Kuala Lumpur (“Court”) had on 12 July 2019, granted an extension of time until 31 July 2019 to convene the CCM.
On 9 July 2019, Barakah had announced the Notices of CCM of the scheme creditors of Barakah and its wholly owned subsidiary, PBJV Group Sdn Bhd, which will be held on Wednesday, 31 July 2019 at Sireh Junjung Banquet Hall, F55, Level 1, PJU 5 Encorp Strand Mall, 47810 Petaling Jaya, Selangor.
Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.
Actually Swiber offshore Singapore cooperation with Vallianz. Swiber just got approve Restructuring proposal.. on 29/5 creditor meeting and the same day they announced approve the restructuring proposal..
KLSE Screener Search ticker Short Position TheStar Sat, Jul 13, 2019 - 4 hours ago
What now for Barakah?
JUST as things were starting to look up for Barakah Offshore Petroleum Bhd by way of a white knight coming in to revive its fortunes, it was dealt with another blow. The operating licence for its unit, PBJV Group Sdn Bhd, was suspended by Petroliam Nasional Bhd (Petronas) due to reported non-performance.
The white knight is Singapore’s Lecca Group Ptd Ltd, which is to emerge as the single largest shareholder in Barakah with a 44.87% stake as part of the plan to help regularise its financial condition and lift itself out of the Practice Note 17 or PN17 category.
But where does this unexpected development leave Lecca?
With the suspension, PBJV is unable to bid for new projects undertaken by Petronas, including its subsidiaries and any petroleum arrangement contractors for a period of three years.
Barakah said it is seeking clarification and appealing against the suspension. However, PBJV is still allowed to complete its existing and ongoing contracts with the national oil company, which essentially means there are cash flows coming in.
In the mean time, pending the appeal, it is perhaps a good time for Barakah to look internationally for future projects. It could also expand its scope to non-Petronas jobs.
Kenanga Research in a recent report noted that while contract flows in oil and gas have started to show signs of improvement, an upcoming upcycle may still be long and gradual, instead of an instant “boom” that match the peaks seen in 2013-2015.
Barakah can also leverage on its strategic alliance with Singapore-listed Vallianz Holdings Ltd, which is majority-owned by Saudi Arabia’s Rawabi Holding Company Ltd. Vallianz has exposure in the Middle East, Asia Pacific and Latin America.
So, while the going may be tough, all may not be lost if Barakah is able to take this opportunity to reset. As the saying goes, when one door closes, another opens.
no larh, get the evidence, then divorce, ask for half of his property, if he don't agree, go up to the court, u will have a strong case so as long as he has committed adultery and u got the evidence.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
wendyuong
2,126 posts
Posted by wendyuong > 2019-07-12 16:39 | Report Abuse
Who collect the last 500k? Never mind end of the month we will know