Nik Hamdan reduces stake in Barakah Offshore

PETALING JAYA: Nik Hamdan Daud, who resigned from his posts as group president and chief executive officer of Barakah Offshore Petroleum Bhd earlier this week has reduced his stake in the company he founded.

A Bursa statement said Nik Hamdan sold 10,000,000 shares on April 9, and another 5,000,000 on April 16, the day the company issued a statement about his resignation. With the disposal, he currently has a 31.44%, of which 31.15% is a direct stake in the integrated oil and gas solutions provider.

He is still the single largest single shareholder.

In a separate filing earlier this week, the company said Nik Hamdan had left the company due to “personal reasons”.

The company appointed Abdul Rahim Awang as acting group CEO with immediate effect until the appointment of a new group president and CEO is made.

Barakah is currently in the midst of restructuring its debts.

The company and its subsidiaries recorded total liabilities of RM335.6mil in its fourth quarter ended Dec 31, 2018.

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