KUALA LUMPUR: Sapura Energy Bhd
has been granted a time extension of up to May 31, 2024, to submit its Practice Note 17 (PN17) regularisation plan to the relevant regulatory authorities.
In a filing with Bursa Malaysia, its principal adviser MIDF Amanah Investment Bank Bhd announced on behalf of the company that Bursa Malaysia Securities had given the extension to Sapura Energy vide its letter dated Dec 13, 2023.
"The extension of time would enable the company to continue building a robust regularisation plan based on the ongoing debt restructuring exercise, which is well underway following the confirmation for its proposed restructuring scheme approval-in-principle from the Corporate Debt Restructuring Committee," it said.
For the quarter ended Oct 31, 2023, Sapura Energy registered a net profit of RM30.89mil, three times net profit of RM10.18mil in the same quarter in 2022.
The group reported revenue of RM1.1bil, down from RM1.28bil in the previous comparative quarter.
