KUALA LUMPUR: Shares in Barakah Offshore Petroleum Bhd were hotly traded in early trade Wednesday with over 20 million shares, exchanging hands, making it most actively traded counter.
The integrated oil and gas (O&G) solutions provider jumped 15.79%, or 1.5 sen to 11 sen with 20.9 million shares traded.
Barakah has secured a white knight to inject fresh capital into the group under the company's plannned debt restructuring.
Barakah acting group chief executive officer Abdul Rahim Awang said the company had also secured creditors' support for the restructuring.
Abdul Rahim expects the company to finalise its restructuring scheme by next month and resolved its issues with creditors in the next two to three months.
As at Dec 31, 2018, Barakah’s total liabilities stood at RM335.6mil.
Barakah has also entered into a memorandum of understanding (MOU) with Vallianz Holdings Ltd to form a strategic alliance for both parties’ to explore business opportunities in Malaysia and the Middle East.
Vallianz is 57.67%-owned by Saudi’s Rawabi Holding Company Ltd and is listed on the Catalist Board of the Singapore Exchange. The company owns and operates a young fleet of 76 offshore support vessels and covers markets in the Middle East, Asia Pacific and Latin America.
Nik Hamdan’s who is Barakah’s major shareholder has been reducing his stake in the company in recent weeks, but still holds 31.1% as at April 19. He previously held 38.6% of the company’s shares.