Quick take: Barakah moves 20% higher in early trade


  • Stock on the Move
  • Friday, 17 Jan 2020

KUALA LUMPUR: Shares in BARAKAH OFFSHORE PETROLEUM BHD shares rose 20% in early trade Friday after it made a claim against Petronas Carigali Sdn Bhd.

The counter added 20%, or 0.5 sen to three sen with 2.24 million shares traded.

Barakah Offshore has issued a statutory notice against its client Petronas Carigali to claim RM477,467.37, in relation to work done under a contract awarded to Barakah's unit in August

2016.

The contract entails the provision of underwater services to Petronas Carigali by Barakah's wholly-owned PBJV Group Sdn Bhd.

The statutory notice was issued on Jan 16, under Section 465 and 466 of the Companies Act 2016, which deal with circumstances by which a company may be wound up, and the definition of a company unable to pay its debt, respectively.


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Barakah , Petronas Carigali

   

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