@Happy3933... The one thing that I will find comforting if Nik were to continue buying is that he is prepared to sink or swim with us all. In other words, de-listing is a foreign word now... Cheers
The issue with Exim Bank has been in the market for a long time already. Its nothing new. I wouldn't be too concerned with this as the market has long discounted such news. @Happy3933... I will be there if it ever drops to 2.0 sen... Cheers
@88...me too...no matter what others comment on Barakah, I just laughed it off, I will still believe in myself...bad news... already immune, good news...on the way... cheers to you.
@Happy3933... with the latest on Exim Bank, I had this question playing in my mind... Would Petronas want to be responsible in making a bumiputera-run O&G company going bankrupt or to guide the company to greater heights. If Petronas were to choose the former, Petronas will go down in history as the most irresponsible Government-owned oil company of the world. I am not one who believes Petronas to be that irresponsible. As a result Exim Bank action, I am of the opinion Petronas will consider urgently withdrawing the suspension against Barakah. Cheers
1. This suspension was issued post completion of the contract. The contract has been successfully carried out and completed prior to the suspension. Upon completion of the contract, positive appraisal was subsequently given by Petronas Carigali hence making the suspension unwarranted,
2. Which is easier, to fight the two law suits and still risking paying more than 1 Billion Law suits with Zaid and Ziko team behind or Uplift the suspension and everyone lives happily ever and after...
3. Execution of projects to sustain operations - Order book of RM600 million provides earnings visibility up to 2023.
Istone share price took a beating yesterday when one of the Director sell her stakes. The same goes with Ikhmas and Tashin..
This development where Nik and his son is buying is positive even though it's only 10 million. It does gives me confidence to hold. It's just like General Lee of KNM and his family..
@T800... Petronas, being part of the government's entity, has the responsibility to develop the O&G industry in Malaysia. It is obvious the many benefits to the country if home-grown companies are nurtured to be world's best. Reprimanding a company to the extent of seeing it going bankrupt is against such policies.
Let's start to make a list while waiting for further good news...
Why Barakah Suspension should be uplifted?
1. This suspension was issued post completion of the contract. The contract has been successfully carried out and completed prior to the suspension. Upon completion of the contract, positive appraisal was subsequently given by Petronas Carigali hence making the suspension unwarranted
2. Which is easier? a. To fight the two law suits and still risking paying more than 1 Billion Law suits with Zaid and Ziko team behind or b. Uplift the suspension and everyone lives happily ever and after.
3. Execution of projects to sustain operations - Order book of RM600 million provides earnings visibility up to 2023.
4. Human factors consideration- laying off of Barakah staffs will not look good on Petronas if this suspension continues.
5. Petronas, being part of the government's entity, has the responsibility to develop the O&G industry in Malaysia. It is obvious the many benefits to the country if home-grown companies are nurtured to be world's best. Reprimanding a company to the extent of seeing it going bankrupt is against such policies.
@Mabel... If I may add, I believe Petronas have never question the technical expertise of Barakah in implementing its projects. Its frustration with Barakah is strictly financials. O&G business are highly geared. This is also another reason why I find the suspension a very extreme act & unjustified. Regards
@ youarewelcome88 @Mabel... If I may add, I believe Petronas have never question the technical expertise of Barakah in implementing its projects. Its frustration with Barakah is strictly financials. O&G business are highly geared. This is also another reason why I find the suspension a very extreme act & unjustified. Regards 25/10/2019 12:16 PM
@ youarewelcome88 @Happy3933... with the latest on Exim Bank, I had this question playing in my mind... Would Petronas want to be responsible in making a bumiputera-run O&G company going bankrupt or to guide the company to greater heights. If Petronas were to choose the former, Petronas will go down in history as the most irresponsible Government-owned oil company of the world. I am not one who believes Petronas to be that irresponsible. As a result Exim Bank action, I am of the opinion Petronas will consider urgently withdrawing the suspension against Barakah. Cheers 23/10/2019 11:01 PM
I agree 88
It's time for Silent Mary to make herself heard..
I would like to call Barakah Battleship as "Silent Mary". She was a Spanish Royal Navy galleon that sailed in the Caribbean during the Age of Piracy. Most notably commanded by Capitan Armando Salazar, she was the pride of the Spanish Navy and its most feared pirate-hunting ship. During one of her missions, the Silent Mary was lost in the mysterious waters of the Devil's Triangle, but after years of imprisonment she returned to the Seven Seas transformed into a terrifying spectre crewed by ghosts. Her main mission was to search the seas for pirates to destroy. Carrying one hundred cannons, crewed by well-trained sailors loyal to Spain, and captained by a decorated officer Armando Salazar, the Silent Mary was soon known as the most feared pirate-hunting ship of her time.
"Pirates had infected the seas for generations, taking the life of my father and his father before, so I vowed to end this plague once and for all. And that is what I did, I destroyed dozens of ships. The last ones joined together to try defeat me but they soon realized it was hopeless. Nothing could stop the Silent Mary."
Thanks for your feed backs guys. Here's our revised list...
Why Barakah Suspension should be uplifted?
1. This suspension was issued post completion of the contract. The contract has been successfully carried out and completed prior to the suspension. Upon completion of the contract, positive appraisal was subsequently given by Petronas Carigali hence making the suspension unwarranted.
2. Petronas, being part of the government's entity, has the responsibility to develop the O&G industry in Malaysia. It is obvious the many benefits to the country if home-grown companies are nurtured to be world's best. Reprimanding a company to the extent of seeing it going bankrupt is against such policies. Human factors consideration- laying off of Barakah staffs will not look good on Petronas if this suspension continues.
3. O&G business are highly geared. We find this suspension is a very extreme act & unjustified as it will affect Barakah capabilities to pay with her creditors. Would Petronas want to be responsible in making a Bumiputera-run O&G company going bankrupt. If Petronas were to choose this path, Petronas will go down in history as the most irresponsible Government-owned oil company of the world. As such, we believe Petronas would not to be that irresponsible. As a result, Exim Bank action, we strongly urge Petronas to consider urgently withdrawing the suspension against Barakah.
4. By lifting the suspension, with Petronas continue guidance will enable Barakah to move forward to a greater height: a. Focus on bidding for more projects - Estimated tender book value of RM928 million. b. Execution of projects to sustain operations c. Orderbook of RM600 million provides earnings visibility up to 2023. d. Utilisation of pipe-lay barge KL101 - Currently on used by MCM contract, offshore of Terengganu e. Collaborate with stronger companies f. Strategic tie-up with Vallianz. g. Collaboration with Minsheng. h. To explore areas of collaboration.
5. Fighting the two law suits is counterproductive to both parties and still a risk to Petronas since it involves payments of more than 1 Billion Law suits with Zaid and Ziko team behind.
Please revert if you have feedback. I'm pretty sure, those that matters are reading what we are discussing here...
@Mabel... Do you think it's a good idea to contact Petronas directly for their comments on the status of Barakah? It will indirectly reduce the number of assumptions we have. I will not be surprised if.... No Comment, is their reply.
@Mabel... Many thanks for the post. What I meant by contacting Petronas is actually writing an email to them... on behalf of the many retail shareholders of Barakah. See if they are polite enough to reply...
@Mabel... This is interesting. If only the person in-charge of Barakah margin sale read whats written here too. Only then the sale execution is not strictly & blindly implemented...
@Mabel... It's unfortunate that they chose to continue to work like the pre-historic dinosaur... depressing the market price in an already weak market. Good Night
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Posted by Happy3933 > 2019-10-22 08:26 | Report Abuse
Morning @88... maybe and hopefully... cheers.