You're welcome Mr. AlexChiaWS.. selling the barge, lessen the short-term borrowings of RM51.91 million, formulating the regularisation plan + order book for secured contracts for the next 3 to 5 years + good QRs.. maybe will uplift the PN17 status

He already bought it.. 18/09/2024.. 66,862,800 at 0.035 = RM2,340,198.00

“From what we know, the negotiations are ongoing and Barakah Offshore is actively working towards a deal.”

The company did not respond to the above news.

tipu dosa zul

Slowly collecting the tickets? Yesterday 7sen.. today 7.5sen.. smart moves to avoid panic buying/selling.. I think something good is coming.. so I will keep mine until the moment has come..

Good things come to those who wait.. managed to buy cheap tickets at 3.5sen & 4sen.. already sold half of them at 7.5sen.. now waiting for another round.. if price drop, will buy more.. if price up, sell all remaining tickets.. both sides also win-win..

White knight is coming? JV with China company?? Exit PN17???

Robert waters french connection whoever whichever you are.. why still here? I thought you already sold all you got at 4sen 4.5sen whatever??

I see you keep on posting comments.. edit comments.. delete comments.. seems like you are lack of confidence.. but still trying your best hardly to convince people how bad this counter is? Btw where is your no mercy syndicate??

Yes please run before it is too late, sell all you got until price drop to 2.5 sen at least

When is arbitration result between Barakah and Enquest will come out?
Hopefully Enquest will have to pay full amount that court had decided.

More news to come.. buy low, collect more, hold on and wait until regularisation plan approval.. capital reduction, share consolidation i.e. 20sen will become RM2.. right share 4 x existing share.. price at 10sen.. warrant share 50% from right share at 20sen which means you got 50% right share FOC

@CubaTryTest.. Not that easy.. lawsuit and proceeding.. suing Petronas.. don't know either they are in good relations or not..

Reference is made to the Company’s earlier announcement dated 28 April 2022 in relation to the Proposed Regularisation Plan (“Requisite Announcement”). Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcement.


On behalf of the Board, Malacca Securities wishes to announce the following:

(i) the Company had on 8 November 2022, entered into a subscription agreement with Zainal ‘Abidin Abd Jalil (“Mr Zainal” or “Subscriber”) for Mr Zainal or his nominee to subscribe for 50,000,000 Barakah Shares (“Subscription Shares”) at a Subscription Price of RM0.02 per Subscription Share (“Subscription Agreement”) (“Proposed Shares Issuance”);

(ii) the Company proposes to terminate its existing employee share option scheme upon the Proposed ESS coming into effect (“Proposed ESOS 2013/2023 Termination”);

(iii) that the Company had on even date also decided to fix the basis and issue price of the Proposed Rights Issue with Warrants to be 2 Rights Shares for every 1 existing Barakah Share held, together with free detachable Warrants on the basis of 1 Warrant for every 2 Rights Shares subscribed for at a rights issue price of RM0.02 each (“Rights Issue Price”), on an Entitlement Date to be determined and announced later; and

(iv) that the Board has also decided to fix the exercise price of the Warrants at RM0.03 each (“Warrant Exercise Price”).

Pursuant thereto, the Company wishes to announce that the Proposed Shares Issuance and Proposed ESOS 2013/2023 Termination shall together with the Proposed Rights Issue with Warrants, Proposed Capital Reduction and Proposed ESS, form the “Proposed Regularisation Plan”.

Further details of the Proposed Regularisation Plan are set out in the attachment below.

This announcement is dated 8 November 2022

Regularisation plan submitted on 28 April 2022.. waiting for next week result.. if get 6 months extension until Nov 2022, share price will go up simultaneously.. next is EQ RM71,567,429.55 and the Hearing is fixed on 1 June 2022.. if the result in favour of Bara, then again share price will go up.. Petnas license suspended until July 2022, if can get back the license then the share price will go up again and again and again.. for me, this is the right time to acquire the share.. * just my 3 cents

Reference is made to the announcement made by Barakah Offshore Petroleum Berhad ("the Company") on 10 September 2021 ("Announcement") in relation to the Adjudication Claim that had been served against Enquest Petroleum Production Malaysia Ltd (“ENQUEST”) by its wholly-owned subsidiary, PBJV Group Sdn Bhd (“PBJV”) on 6 September 2021 through ENQUEST’s appointed solicitors for the total sum of RM73,570,587.19 (“Outstanding Sum”). Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the Announcement.
 
The Company wishes to inform that in relation to the Announcement, PBJV have, on 3 January 2022, been notified by its solicitors that the Adjudicator has determined and delivered his Decision in favour of PBJV on 29 December 2021, breakdown of which are as follows:-
 
(a)     ENQUEST (“Respondent”) shall pay to PBJV (“Claimant”) the sum of RM71,567,429.55 (“Adjudicated Sum”); and
(b)    The adjudicated sum shall be paid on or before 28 January 2022 (“the Due Date”);
(c)     Interest at a rate of 5% per annum on the Adjudicated Sum calculated from the Due Date until full payment; and
(d)    Costs of the adjudication proceedings of RM154,995.69.
 
The adjudication Decision is subject to further legal proceedings. Therefore, the Company will make the appropriate announcements to Bursa Malaysia as and when there are material developments in relation thereof.
 
This announcement is dated 3 January 2022.

1Q net profit 92.985 million

https://www.thestar.com.my/business/business-news/2021/11/01/trading-ideas-airasia-x-barakah-offshore-pentamaster-genm-knm-maxis

@topkek you can read full report + download the annual financial statement (pdf file) from bursa malaysia announcement details.. the one posted by the edge markets was not fully thought through..

p/s: exit PN17 soon???

The Company have implemented the following initiatives to address the going concern matter:

On 5 April 2021, PBJV has conducted Court Convened Meeting of Scheme Creditors as part of the Group’s initiative to regularise the operations. The proposed debt settlement has been agreed by the requisite majority of 75% of the respective class of creditors. As at the date of the AFS, PBJV has fully paid the agreed settlement sum.

On 26 July 2021, the Company and KL101 Ltd entered into a settlement agreement with the licensed bank whereby a final registered negotiated settlement of USD12.650 million to be paid over 11 quarterly instalments of USD0.138 million and a final instalment of USD11.138 million.

On 7 October 2021, the Company has completed the listing and quotation of 167,157,000 shares pursuant to private placement for total proceeds of RM9.912 million.

The ability of the Group and of the Company to continue as going concerns is also dependent on the approval of the regularisation plan by Bursa Securities, successful and timely implementation of the regularisation plan to attain sustainable operations, continuous support from its creditors and lender and favourable outcome from the material litigations as disclosed in Note 28 to the AFS.


The Company is currently formulating a plan to regularise financial conditions to uplift the Group from the PN17 status which is due for submission on 17 November 2021.

Read full report from here:

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3205584

Pan M'sia RM2.1b.. ready-to-eat slice of heaven.. Sapura, Barakah, Alam Maritim..

https://www.theedgemarkets.com/article/petronas-pan-malaysia-ti-jobs-spotlight

Pan M'sia RM2.1b.. ready-to-eat slice of heaven.. Sapura, Barakah, Alam Maritim..

https://www.theedgemarkets.com/article/petronas-pan-malaysia-ti-jobs-spotlight

https://www.upstreamonline.com/finance/malaysian-contractor-takes-action-against-operator/2-1-1066267

c) On 3 June 2021, Bursa Malaysia Securities Berhad (“Bursa Securities”) has granted the Company an extension of time of six (6) months up to 17 November 2021 to submit a regularisation plan to the regulatory authorities (“Extension of Time”).

The Extension of Time is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of Barakah and to de-list the Company in the event:

(i) the Company fails to submit a regularisation plan to the regulatory authorities on or before 17 November 2021;

(ii) the Company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or

(iii) the Company fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

Upon occurrence of any of the events set out in (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of Barakah on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company’s right to appeal against the delisting

@fairyz next time please share in full.. it's not that easy to de-list a company