Sapura Energy says 'actively developing' financial regularisation plan

KUALA LUMPUR: Sapura Energy Bhd said it has been "advancing its plan” to regularise its financial position since being classified as a Practice Note 17 (PN17) company and given time extension to come up with the plan.

The financially troubled company has been given a six-month extension, up to Nov 30, 2024, from Bursa Malaysia Securities Bhd to submit its regularisation plan. It said today’s status update is part of the listing requirements of the Main Market of Bursa Malaysia.

"The company, together with its advisors, will continue to actively develop the plan to ensure that the plan is sufficiently robust to address its business and financial conditions. The company will make the necessary announcements should there be any further material developments on the above matter,” it said in a stock exchange filing.

At 3.02 pm, the company’s shares were flat at four sen with 2.31 million shares traded. - Bernama