Oil price will be volatile for a longer time. A lot of inventory to let go after covid? Barakah - does it depend if the intended projects will continue?
BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY") - DEFAULT IN PAYMENT PURSUANT TO PARAGRAPH 9.19A OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("LISTING REQUIREMENTS") ("DEFAULT IN PAYMENT")
Reference is made to the announcements made by the Company on 21 May 2019, 1 July 2019, 1 August 2019, 23 August 2019, 3 September 2019, 1 October 2019 and 23 October 2019 (collectively “Announcements”) in relation to the default in payment pursuant to Paragraph 9.19A of the Listing Requirements. Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the Announcements.
The Company wishes to inform that in relation to the Announcements, the Company and its wholly-owned subsidiary, PBJV Group Sdn Bhd (“PBJV”) and Kota Laksamana 101 Ltd (“KL 101”) wholly-owned subsidiary of PBJV have, on 18 May 2020, been served a Writ of Summons and Statement of Claim both dated 17 April 2020 for the amount of USD43,789,997.91 (as at 29.02.2020) by Export-Import Bank of Malaysia Berhad (“EXIM BANK”). The said Writ of Summons and Statement of Claim have been served on the Company (which is named as 3rd Defendant therein) and PBJV (which is named as 2nd Defendant therein) in their respective capacity as Corporate Guarantor pursuant to and under an Ijarah Facility Agreement dated 11 June 2014 entered into between KL 101 and Exim Bank.
The Company is still in the midst of formulating a plan to regularise its financial conditions that will include proposals to address this default and the Writ of Summons and Statement of Claim.
it's a good news i supposed. once payment reschedule by the creditors are approved, Barakah shall be out of PN17. hopefully FY 30.6.2020 translate positive result.
creditors will not easily reschedule payment unless there's good prospect by new projects. rescheduled payment will incur higher interest and further paralyse Barakah to recover.. I wish to go in this counter to take risk but at 0.01 - 0.015....
Minggu ini Bursa cukup cantik Banyak sahabat sahabat riang gembira Kita semua masih untung walaupun Barakah masih lagi tak naik Kita jumpa lagi lepas raya..
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 3111 views | 3 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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....
KuffDam
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Posted by KuffDam > 2020-04-26 09:05 | Report Abuse
Oil price will be volatile for a longer time. A lot of inventory to let go after covid? Barakah - does it depend if the intended projects will continue?