Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.
KUALA LUMPUR: Barakah Offshore Petroleum Bhd
and its subsidiaries recorded total liabilities of RM335.60mil in its fourth quartertly results ended Dec 31, 2018.
The oil and gas services company had on Monday responded to a news report entitled "Barakah seeks to restructure RM726mil debt”.
“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 said in a statement to Bursa Malaysia.
On March 6, the High Court of Malaya at Kuala Lumpur had granted the restraining order be extended for 90 days from Jan 14.
However, its contingent creditors were “expressly excluded” from the restraining order; and Sulaiman was Ibrahim 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.
“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,” Barakah explained.
It also pointed out no definite or conclusive terms have been agreed upon with any of the lenders and creditors of Barakah Group.
It added the board would make an announcement when the finalised debt restructuring scheme had been agreed upon.
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