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
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.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?
100% readers found this article useful