Sell 3 rigs as scrap metal also can gain 7 million, lol...assets impairment overdone....

PNB 41%, Sapura Brothers 18%
Only left 41 for institute and public..

Under the restructure plan with the 10 lender to extend 7 years, PNB committed not to sell it's stakes....

If gov not step in...how SAP can pay dividends, only 3-4 billion backlog for 23 financial year, let alone 30-40% are legacy contract which is making loss...India losing contract almost certain drag to next year...

PNB will loss all and pay tiny if gov not step in.

It is gambling for SAP, bet whether gov will step it or not, either open big or small. Forget about TA, FA or WB ....haha

Putra Business School Assoc Prof Dr Ahmed Razman Abdul Latiff believes should the fund manager decide to keep its purse strings tight, it can withstand the loss from its investment in the O&G support services provider as Sapura investment accounts for less than 1% of its assets under management (AUM).

3 billion is a big amount, PNB never said it is small amount. But it is withstand the loss because it only represent 1% of PNB portfolio.

The problem is if PNB loss the 3 billion to rescue SAP, who is accountable why use GLC Fund to bailout SAP.

PNB average 10 billion net profit per year, in the event SAP bankruptcy, the dritribution for that year will be impacted. Than why using Bumi saving to bailout SAP..

Gov will not let SAP down, rescue plan definitely is around corner ...

PNB stuck in SAP long time de, they can't sell their stakes...but it does raise eyes brown, why increase stakes? SAP a PN17 and unable to pay debt....even they succeed in the haircut, but don't expect any dividend untill 2024...MoF announcement soon?

120 million, more drama next? Which agency step in? Another rebate between Anwar and Najib...lol

Contract worth 580 million....1 year only 290 million, jv only 145 million...than what is the margins.....not enough to cover the 500 million loan interest, don't mention about pay down principle.

PNB still pump money into PN17 SAP who can't pay their debt. Gov will intervene else PNB will lose 3-4 billion. Inform Rafizi about this fast fast....lol

The edge should question PNB CEO again, why invest in a PN17 company and risk to lose all if SAP bankrupt....

or call another another debate with PM or Najib again, PKR need to save PNB fund investor....

Rafizi not agree bailout SAP, now PNB increase their stakes daily, if SAP bankrupt, at least lose 4 billion....time is running out, inform Rafizi to make police report.

Bloody hell!!!!! PNB buy again, time is running out, anyone please inform Rafizi , make police report.

PNB buying again???? Fast fast inform Rafizi...

4 million is nothing for PNB who has lose 3 billion to rescue SAP...but despite disapproval and outcry from the public still throw another 4 million into the sea a PN17 company.

It make no sense, pls inform Rafizi so that PKR gang will make police report...

A lot of small bilis like ahnad, ah know and maniam have invested in PNB fund, pls inform Rafizi to save their saving.

Fast fast, PNB move dose not make any sense, increase stake in a PN17 counter SAP......lol

Pls report to Anwar and Rafizi, despite their disapproval, PNB deliberately invested additional 4 mil into SAP.

After lose more than 3 billion , PNB never learned and invested more into a PN17 counter, A GLC PNB going lose all in the event of bankruptcy. Are PNB officer gone crazy

PNB fund investor, pls report police, else you going lose your hard earned money.

It seem like Gov going to bailout SAP soon or PNB going lose more...fast fast inform Rafizi before too late


“I had disagreed with the decision by the Dr Mahathir Mohamad-led PH government to inject PNB funds to save Sapura,” Rafizi said said in a statement.

How dare PNB invest more money in a PN17 SAP after lose billion....pls someone inform PKR or Rafizi,.Rafizi not agree on bailing out SAP...all the PKR be ready to make police report ....lol

Petronas is the next...or MOF??? Or EPF..?? Very interesting

PNB lose their mind, after lose billion rescue SAP, PNB deliberately pump more money into SAP last week...lol

What next...

PNB is confirmed invest another 4 million into SAP...where are those who having different opinions, raise your voice lol...haha

Despite the outcry from certain group and PKR deputy and president..

PNB inject more money into SAP... something brewing..

Saya tak setuju keputusan PH guna dana PNB selamat Sapura,’ Rafizi beritahu Najib

What would PKR or Rafizi do when they find out more money inject into SAP from PNB....very interesting

In May, The Edge raised a question 'PNB has since lost almost 90% of its investment undertaken just during the rights issue, excluding its earlier stake.

Why were all these decisions made at PNB for what was earlier a very small investment in Sapura Energy, when it was already clear the company was running into a business and financial crisis?'

PNB inject another 4.5 million despite criticized by public. The Edge should ask PNB again

PNB was attacked and complained by opposition and other rescue SAP by injecting billion, and lose 90%.

Najib mum gov rescue SAP because PNB Bumi holder saving are at risk due to huge lose in SAP

There are many report question PNM about the bad investment strategy on SAP.

At this point of time PNB invest another 4 million .....it does mean something.

PNB increase 0.6% or 4.4 million....pNB average down...haha.

Seems like gov started step in

With 2 more subcontractors issue winding up petition by defying court order with around 1mil invoice outstanding.....haha. it show that contractor are against the haircut..only gov intervene can break through the stand still situation.

Good for Ukraine also

Oil price drop is good news for market and stock...too high and not good for economy...

As long as the SOA result out, price will react..

Even price go up 500 USD, but SAP fail to strike a good deal with creditors is also useless..

I believe the next event would be monetized more asset likes rigs and subsidiaries, than only bank will agree on the haircut, then only Gov step in to push

1. SAP sell 3 rigs and 1 subsidiaries as per rumors raise 1-2 billion inclusive 3000 as working capital
2. Creditors cut 60%
3. Gov special grants to pay off 40% or 6-7 billion.
4. PP and consolidation next year to further reduce debt.

No doubt, without haircut and gov step in, SAP is certain going to fail.

But if haircut success and support from Gov, either one will make the price fly.

After debate between UMNO and PKR, Najib keep mull support from Gov toward SAP's contractor until recently. no more than a word about SAP from Umno for past few weeks. it do suggested that support from Gov is on the way already. I don't think Najib care about SAP, but they need support from the thousand of sub contractor.

Debtor has taken legal action issue winding up petition, court only granted until next year march.

Ironshirt
. I say let fight
bankruptcy for 5years and used what ever Sold Rigs money for Other Projects. What Can Debtor Do??

Check the upstream news, sub contractor hold goods and deliverables because SAP didn't pay early of this year.

3 bil out of 8bill need to pay to sub contractor immediately if 50% haircut. else will bankrupcy. Then need another 2 bil as stated earlier for operation and biding..

Total 16 billion debt, which white horse got such appetite if without haircut.

As stated, SAP plan to sell 3 rigs only
11 are contracted..

500 million interest cost per year, haircut is a must...

Are you lose your mind, a peeny counter + PN17 counter, it is speculative counter. Now only you know after hanging around here so long

---------------------------------
Billionman
its now becoming speculative stock

No need wonder what is the new BLT rate lah....16 billion debt with 600-700 million interest a years, not possible to pay. Delisted and bankruptcy.

All depend on Gov now or UMNO

Dr Stanley Choi lo

AA can get funding from foreigner easily. SAP is BUMi asset, only can own by BUMI. So only gov has capacity to become white knight.

Key issue is still the debt, if debt restructure not success, sure delisted. If success, sky is the limit. Gov play a important role in ensure the success of the debt restructure. management has done their best under current circumstances, they still manage to afloat and won 2 billion contract from regional.

Sapura a PN17 company, rig utilization ratio is even higher than velesto....not bad.

Only left 5 rigs to sell, 11 rigs has long contact started next week. Can sell 2 to ICON

Sapura Drilling Asia Limited has been awarded new contracts from PTTEP for the provision of tender-assist drilling rigs Sapura T-10, T-11 and T-12.
The new contracts will commence in Q3 calendar year 2022.

Haha, is a loan with no interest, then creditor accept 40% instead of 70%, better than subsidy payout 77 billion.

Subsidy is worst compare to support SAP

Simple narrative, PKR will not support Bumi company like sapura,

If PM not follow, will impact his reputation, look at chicken subsidy, PM made big U turn after UMNO supreme meeting.

For Sapura they just waiting for right timing. Announcement before GE, execute after GE.

Good for SAP, not good for creditors.
Court granted restraining order until next year, soon creditors will accept a slightly lower haircut, this is the turning point.