BARAKAH OFFSHORE PETROLEUM BHD
KLSE (MYR): BARAKAH (7251)
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Last Price
0.04
Today's Change
0.00 (0.00%)
Day's Change
0.035 - 0.04
Trading Volume
365,000
Details of Changes
Securities After Change
Transactions
| Ann. Date | Name | Details of Changes | Securities After Changes | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Date | Type | No. of Shares | Price | Direct (%) | Indirect (%) | Total (%) | ||||
Discussions
20 people like this. Showing 50 of 16,240 comments
The dispute between Barakah and Petronas exec & former exec had been withdrawn from court. (todays announcement). Possibly it had settled outside.
Hopefully Barakah gain some benefits during the settlement negotiation.
2023-05-08 23:35
Suspension uplifted, petronas license renewed... next... jeng3... rumors
2023-05-24 10:22
(ii) To undertake a proposed shares consolidation of existing 10 Barakah Shares into 1 consolidated Barakah Share (“Consolidated Share”) (“Proposed Share Consolidation”);
(iii) Pursuant to the Proposed Share Consolidation, the Proposed Shares Issuance shall entail the subscription by Mr Zainal or his nominee for 5,000,000 Subscription Shares at RM0.20 each;
If the above is the case, the current share now is only worth 2 sen?
2023-05-26 09:39
20 sen mother share, 4 rights issue at 10 sen each. Ex price: 12 sen. Warrant 2 lots free conversion price 20 sen. So warrant is 1 sen or nothing. Can someone enlighten what this Barakah is trying to do?
2023-05-26 10:50
Normally, the PN17 up-lift is an announcement to expect positive movements, but for this Co, the status uplift is disaster, confirmed lose more than 100% of the money on consolidation. The appeasement and consolation is the so call rights shares and warrants .subscription. Better off either to just leave this Co to its whims and fancies or re-look once the new issuance is listed.
2023-05-29 13:47
Petronas license renewed.... next new contract then PN17 upliftment soon... come2..
2023-06-27 10:02
Barakah unit receives extension for pan-Malaysia MCM contract:: https://theedgemalaysia.com/node/675231
2023-07-18 15:13
That is not new contract. Just an extension with no RM value unless there is job provided.
2023-07-21 08:27
Price 6 cents
Possible a 10 for 1 capital reduction.
Based on retained earning -150 million.borrowing and need to paid 140-160 million.
31/7/2023 9 pm.
2023-07-31 20:58
Need to re-formulate regularisation plan..... Long way to go.. or going under....
2023-10-31 10:02
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2023-11-17 16:09
From a ROE perspective, except for 2023, Barakah ROE was lower than those for my 2 reference Bursa energy services companies – Dayang and Deleum.
The only except was for 2023 where Barakah posted a 40% ROE. This seemed like a turnaround after the negative ROE of 177 % in 2022. https://i.postimg.cc/FzgHw3Jz/Barakah.png
But when I dug deeper, this positive 40% was because it had an after-tax loss of RM 4 million divided by a negative equity. It was a positive 40% due to arithmetic.
Moral of story – when numbers look funny, you better dig deeper
2023-12-09 07:27
Lelong as a scrap or what? What future holds for Barakah post-L101? Can anyone kindly enlighten the situation. Thanks
2023-12-13 21:43
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2023-12-28 23:30
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2024-02-28 06:47
These shoes look super. Thank you for posting. Recommended for barakah shareholders who cannot buy originals in light of dismal performace of this counter ?
2024-03-01 10:56
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2024-03-04 09:01
I have been considering watches, yet I think that a coin is a better store of value. Though you cannot wear or display a coin. Do you recomend them for Barakah shareholders specifically ? Earnings are poor and nobody here makes money.
2024-03-04 10:58
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1 month ago
Thank you. Very interesting, kodehash. Is it related to Barakah ?
Anyway, what do you expect earnings to be this month ?
1 month ago
The QR announced was good.
Hopefully SC will convinced to extend regularisation plan submission date further.
While Kota Laksamana 101 is schedule to be auction in mid June (this month) , if there is a buyer it mean that Barakah can exit PN17.
https://www.xindemarinenews.com/m/view.php?aid=54520
When is arbitration result between Barakah and Enquest will come out?
Hopefully Enquest will have to pay full amount that court had decided.
4 days ago
Alexis, to exit PN17 will be a long process of addressing default on debts, increasing equity deficiency, dealing with a going concern of auditors in DISCLAIMER OF OPINION, and so on. AFTER all that is accomplished, still 2 periods of profits are needed. I guess it is going to take another 5 years if all goes well. So far, for 5 years until now, NOTHING got accomplished. There is not even a REGULARISATION PLAN to address issues. I am disappointed with the management.
3 days ago
Very similar story. Failed to deliver a plan and asked for extension 2nd time ...
____________________________________
https://klse.i3investor.com/web/blog/detail/ceomorningbrief/2024-06-05-story-h-159877477-Serba_Dinamik_8217_s_Final_Appeal_Dismissed_by_Bursa_to_be_Delisted_Wed
Serba Dinamik’s Final Appeal Dismissed by Bursa, to be Delisted Wednesday
edgeinvest
Publish date: Wed, 05 Jun 2024, 10:59 AM
KUALA LUMPUR (June 4): Serba Dinamik Holdings Bhd's (KL:SERBADK) delisting from Bursa Malaysia will proceed on Wednesday after the exchange regulator dismissed a final appeal from the beleaguered oil and gas outfit.
In a bourse filing on Tuesday, Serba Dinamik said it has received a letter from the regulator stating that the Appeals Committee's decision is final. As a result, the group's shares will be delisted on Wednesday as scheduled. The shares have been suspended from trading since Jan 18, 2023.
Last week, Bursa Securities notified Serba Dinamik that the group would be delisted on June 5, after rejecting the Practice Note 17 (PN17) group's request for an additional six months to submit a regularisation plan.
Serba Dinamik was required to submit the plan by May 15 but failed to meet the deadline. This was the second extension granted to the group after previously missing its initial July 5, 2023 deadline.
Serba Dinamik was originally supposed to submit the plan in January 2023 but was granted a six-month extension by Bursa Securities.
Serba Dinamik made its debut on the Main Market of Bursa Malaysia on Feb 8, 2017, marking one of Malaysia’s largest initial public offerings (IPOs) at the time. Priced at RM1.50 per share, the IPO valued Serba Dinamik at RM2.01 billion, considering the group’s issued base of 1.34 billion shares.
Once the darling of the local stock market, Serba Dinamik was classified as a cash-strapped PN17 company in January 2022 after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on the group’s audited financial statements for the 18-month financial period ended June 30, 2021.
The group's troubles started in May 2021, when its external auditor at the time, KPMG, flagged issues involving the group's transactions and receivables that amounted to at least RM3.5 billion, followed by a probe by the Securities Commission.
Serba Dinamik was subsequently directed by Bursa to reveal the findings of a special independent review conducted by Ernst & Young Consulting Sdn Bhd (EY Consulting) into the group, following KPMG's revelations.
In response, Serba Dinamik sued several parties including KPMG for alleged negligence and breach of duties, EY Consulting to block it from revealing the findings, as well as Bursa, claiming it had overstepped its bounds.
Subsequently, four of its top executives, including group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah, were charged with furnishing false statements to Bursa over a revenue figure of some RM6 billion. The four, however, were later acquitted after sending a representation letter to the Attorney General's Chambers. They only had to pay a total RM16 million in compounds.
In January 2023, the courts granted a petition from six financial institutions to wind up Serba Dinamik and its subsidiaries due to debts totalling about RM5 billion — the largest insolvency case in the courts. A liquidator from PricewaterhouseCoopers Malaysia was appointed by the court to oversee the group's winding-up process.
11 hours ago
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2023-04-11 11:24