Barakah Offshore to dispose of KL101 Barge


KUALA LUMPUR: Barakah Offshore Petroleum Bhd will dispose of Kota Laksamana 101 Barge (KL101 Barge) worth US$11.40 million (RM53.28 million) to a third-party purchaser to be identified later.

In a filing with Bursa Malaysia, the company said over the last 12 months, the company had explored four proposals, both formal and informal, from interested buyers for its KL101 Barge.

"These proposals had not materialised. Accordingly, Barakah and its subsidiaries (Barakah Group) propose to undertake an auction exercise to seek a purchaser for the disposal of its KL101 Barge,” it said.

To facilitate the auction process, Barakah had on June 12, 2023, appointed TS Maritime Sdn Bhd as its technical consultant for the auction, and on July 14, 2023, appointed Zhejiang Shipping Exchange Co Ltd as the auctioneers and Zhoushan Yi Ge Ship Auction Co Ltd as the trustees for the auction process.

The company and the auctioneers had agreed upon the terms of the auction via a "Detail confirmation for public auction of KL101 Barge” letter on Dec 12, 2023. - Bernama

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