Profit because of forex gain of 175m due to USD appreciation. Take that out and Sapura will still be making losses. Good thing is the joint ventures (Brazil and E&P) seem to be doing well.

Sunway lost the digital banking bid...

Samchem dividend RM0.015

There are some synergy for the merger. MBSB mostly on consumer banking while MIDF is on investment banking. Once merged, they can cross market their products to customers. As long as MBSB does not pay over the moon prices for MIDF, it can be good as MBSB will be one step closer to become a full fledge bank.

Sunway dividend RM0.015

OTB's newly recommended share.

After bonus issue, sure below 3.
Follow by rights issue, sure below 2.

Rights issue approved by shareholders. I guess some don't want or don't have money to subscribe.

cheap sale, back to MCO price again.

Insider news or purely speculation???

For those blaming local banks for not giving more loans to Sapura. Sapura doesn't just borrow from local banks, they also borrow a lot from foreign banks such as UOB, ING etc. Without foreign banks support, new loan by local banks will just be used to repay foreign banks. End up Sapura still no liquidity. That is why the negotiations took so long, the loan agreements are all intertwined and not easy to get all banks to agree.

As for Petronas, it cannot be seen as giving favoritism to Sapura. If Petronas really opens the floodgate, every single O&G contractors will also come to Petronas to claim standby fees. Even if Petronas really makes an offer to acquire Sapura, it will be at depressed valuation la, don't keep dreaming they will pay a lot of premium for your shares.

Chill drkelvin20, I am merely responding to Nikmon's question on why E&P making losses. Anyway, the E&P joint venture losses are insignificant compared to the losses that other divisions are making.

I am someone who used to work in the O&G industry. Sapura tries to take on a lot of overseas contract like in India and Taiwan to create the impression that they are expanding internationally but they screwed up badly. And they keep delaying payment to subcons but still can pay the big boss fat bonuses and IP payment, end up all the good subcons don't want to do business with them anymore or request cash on delivery, making their cash flows even worse.

Write-off of certain wells, meaning they spent money to drill but didn't find any oil/gas that can be commercialised.

Big players already expected the big impairment. Share price still above 0.02 because they value the company at a premium to its real net assets (not the inflated value before this recent impairment), maybe hoping PNB will come in to save Sapura or Sapura can monetise its gas fields at current high oil price environment.

Whoever kept saying I was wrong, look at the Net Assets per Share now, 2 cents! I was indeed wrong because I was too optimistic by saying 5 cents is the fair value.

drkelvin20, I tried to warn people that the NTA calculation was wrong and that the value that the company can get by force selling these assets will be a lot lower than book value.

Many kept going against me, some even insist that goodwill of RM4billion can be sold and should count towards NTA calculation.

Now that the banks waive the loan covenant, finally we get to see the true picture and true value of those assets.

It is a stock "pick" competition, not stock "trading" competition. I3 as a platform is not advanced enough to do a stock trading competition, but there are plenty out there.

Result out. Core net profit is good, but don't understand why there is a drop in fair value of biological assets... Dividend also a bit disappointing...

Good result and higher dividend, don't understand why drop also. Probably someone is controlling the share price, or insiders that bought earlier sell down?

Pak Somsak, mana kamu dapat harga future $150 itu? Yang saya nampak (investing.com, cmegroup.com) semua $20+ sahaja. Tak payah buat kiraan pasal aset gas ini. Saya tak pertikaikan kualiti aset ini sebab ia memang antara yang paling bagus. Tapi tak boleh nak tolong Sapura dalam jangka pendek, sebab kena ambil masa panjang untuk bina platform dan keluarkan gas. Kalau nak jualkan 50% yang tertinggal pun, kena ambil masa cari pembeli dan minta persetujuan Petronas macam dulu. Pasal PNB, ya la, semua pemegang saham pun harapkan PNB selamatkan Sapura, tapi kenapa ambil begitu lama untuk buat pengumuman sedangkan Sapura dah sampai tahap kritikal? Makin lama PNB dan bank ambil, makin teruk keadaan Sapura.

Pak Somsak, nak orang cakap fakta dan data, kamu sendiri kena bagi fakta yang betul dulu. Sejak bila harga gas asli sama dengan harga minyak? Boleh buat carian google, harga gas asli sekarang ~4.2580/mmbtu, atau pun ~24.7/boe. Lagi pun, aset gas dah jual separuh kepada syarikat OMV dari Austria, dah jadi "joint venture", keuntungan kena bahagi separuh, duit di "joint venture" pun bukan suka-suka boleh guna, kena minta izin OMV. Masalah Sapura sekarang bukan tak ada aset yang bagus, tapi tak ada duit sebab banyak projek dulu kantoi. Kenapa bank lewat bagi loan? Sebab bank pun risau Sapura tak mampu nak bayar balik, sebab nisbah hutang kepada ekuiti dah melampau tinggi.

@newmanso, I mentioned earlier that I believe market is efficient over some time. News about SAP's liquidity issue already broke out since last year, so there is already ample time for "price finding" and its share price has already stabilised at around 0.05, which is most probably the worth. Fund managers would have done a lot more homework and dig a lot more info from people working or dealing with SAP before coming in/going out. You can check back the price trend of all previously distressed O&G companies. You will notice that they all stabilised at a certain price before news that their restructuring exercise completed/failed released.

You think SAP still can pick and choose their suppliers? Why do you think SAP started buying from all these small vendors? Because big vendors already refuse to do business with them. People in the industry all know SAP has been a bad paymaster since few years back. In fact, a lot of suppliers have requested cash on delivery or letter of credit from banks before they willing to supply. Vicious cycle, the slower SAP pays, the shorter credit terms supplier willing to give. One of the reasons SAP facing liquidity issue now.

If you don't even know the definition of Net "Tangible" Assets (NTA) and calculate the ratio properly, better just keep quiet instead of misleading others.

Not trying to side the management, but if these are indeed true, then please make a police report and official complaint to Bursa, Securities Commission etc. By posting on public forum first, you will not be entitled to the whistle blower protection. Management of MBL can sue you for defamation.

Misleading statement by kyliew. Net Asset is 43 cents, Net Tangible Assets (NTA) however is only 11.5 cents because there are intangibles (goodwill) of RM5 billion. By his logic, discount 50% becomes 5.75 cents, round down to 5.5 cents and discount another 10%, to 5 cents. Hey, isn't that the same as the share price now?

Omg, keep going on with your wishful thinking. You don't even understand what makes up the intangibles in Sapura Energy's book. They are not licenses or patents that can be sold. They are purely goodwill or in simple term brand name. You think people will pay RM5billion to acquire the brand name of a bankrupt company?

Costs to dispose asset is minimal? You think those vessels, rigs, yards are commodities like palm oil that can sell immediately? Finding buyer, due diligence fees, lawyer fees, sailing the vessel to the buyer, title transfer, taxes, you think cheap?

Why big whales decide to accumulate at RM0.05 and not higher? It is because they have done proper analysis and RM0.05 is the price which they are comfortable taking on the risks associated. If what can be realised at bankruptcy is really as high RM0.20, Sapura would have been privatised already.

newmanso, please do your analysis properly before claiming that bankruptcy will shareholders. First of all, the asset numbers that you use for your calculation includes intangibles of close to RM5 billion. No one will pay for that upon bankruptcy, so the value will be 0. Excluding that, the net assets per share is ~0.115. How about costs to dispose all these assets? Penalty paid to customers for terminating existing contracts? Compensation paid to employees? Liquidator fees?

Taking all that into consideration, 0.05/share is probably the fair value since the share price has hover around that for a long time.

Great explanation by observatory. Sincerely hope that this pearlwhite will be jailed together with Karim for spreading lies after lies, nonsense after nonsense.

MBSB 20%, Samchem 20%, Prestar 20%, Pestech 20%, Sunway 20%

She is probably from a public relations company, engaged by Serba to put up all these articles.

Money hold by banks??? So naive. Money hold by the company itself but siphoned out by the senior management already.

Sapura brothers are substantial shareholders. If they really sell down, they need to announce to Bursa within 3 days. There is no such announcement yet.

Learn how to read financial reports first before commenting that Top Glove will go into PN17. Cash and bank balances plus investments = RM1.8billion, borrowing just RM440million. Somemore, Top Glove still making profit and positive operating cash flow. Learn first before simply shout.

PearlWhite doesn't know how to refute on the default issue, so she wants to teach us how to do audit now.

skyu: I don't have the JV's accounts, so I am not able to value SK408. I would think it is higher now since they have completed the 1st phase (Gorek, Larak, Bakong) and is now developing the 2nd phase (Jerun).

What they sold to Jadestone Singapore are not gas fields. Those are old oil fields offshore Terengganu that existed since Newfield time. Those fields are quite close to the end of their lifespan. I think they probably want to focus their resources on developing SK408 instead of old fields that don't generate much income.

I am an accountant who used to work in the O&G industry.

skyu: From what I understand, Sapura has a group of 13 to 14 lenders and they all entered into the same loan agreement with a lot of conditions that bound Sapura and all lenders together. Maybank can give more revolving credit to Sapura, but for big amount of loan, it is unlikely for Maybank to do it alone. They will want the other lenders to also chip in, which makes it very hard.

Exploration and production is the SapuraOMV joint venture, so of course no revenue, only share of profit/loss. Reason why division making losses is because OMV invested assuming oil price of US$70. The assets have been revalued upwards, resulting in more depreciation. So when oil price was way below US$70, of course the division make losses. Results should be much better though in Q3 and Q4.

Windy1974: Sapura 3000 sold by SapuraAcergy joint venture to a subsidiary of Sapura Energy Berhad in 2017, meaning it is fully owned by Sapura. It is also still on Sapura's website and some public vessel database. You heard news that the vessel has been disposed? To who?

As for Kasawari, yes MMHE was the favourite. What was concerning was the disqualification of Sapura. Petronas tender is split into two parts, technical and financial qualification. Don't think Sapura will fail the technical part, so high chances for it to be due to the financials. I think investors are worried this problem will persist for other big tenders.

skyu: Everything is possible. Can copy what Icon Offshore did. Consolidation of 20 shares into 1, so share price becomes RM1 first. Then do rights issue at RM0.50, 10 right shares for every one share. There you go, another RM3+ billion raised. However, all these are assuming Sapura can get PNB to subscribe or the big banks to underwrite.

Oh pearl white spreading lies again. Trying to make it seems like everyone gangs up against Serba. Truth is that article was already available for paid subscribers last Saturday. Many have seen and read it. It is TheEdge's practice and business model to give paid subscribers early access to certain articles.

Most of us did not say it is confirmed fraud. We are saying it is very suspicious. Why?

1) 2 audit firm out of the Big 4 could not verify billions of transactions after so long and multiple rounds of delay. The audit fees for a big listed company is high, so no reason for KPMG and EY to simply break the relationship.

2) Directors resigning and co-founder selling down. Why would so many directors resign from the company? Directors get paid pretty well for attending ~10 meetings a year.

2) Reasons of delay given by Serba did not make sense at all. Keep saying not enough time, travel restrictions due to Covid etc. Please la, so many bigger MNCs with subsidiaries throughout the world can finish their audit in time. EY and KPMG have branches everywhere. If Serba cooperate with them, they can easily arrange for their counterparts in other countries to verify.

4) Serba's act of accusing and suing everyone including Bursa certainly did not help. Who is so powerful to the extent can command so many parties to gang up against Serba?

VS crisis management team did a great job and set the standard for other listed companies.

PearlWhite: We are not interested in taking over Serba. Since you guys are so supportive of Serba, can you guys buy back all the shares from other retail shareholders at RM1.60?

Hi PearlWhite, enough of twist and turn just to support Serba. After so many months of EY working purely on this issue, they still cannot verify RM1.4billion of the discrepancies. RM1.4billion is definitely not "a little more to go". If the RM1.4billion never exist in the first place, no matter how many more months EY work, they will still come to the same result.

Don't over analyse things la. Media always write more about whatever topic that is hot and can generate views for them. Serba Dinamik has been the hot topic for past few months, be it for their supporters, naysayers or the general public. So of course media come out with as many articles about Serba as they can.

Nikmon: Ya, I am talking about the waiver for Q4, which might still be a few months away, but I am sure discussions have started. UOBKH only say they feel the possibility of waiver is very low, but I just find it suspicious that they are suddenly so pessimistic. Of course it is just my own suspicion.

legend0105: Short term pain vs long term pain for PNB. Sapura has some very good assets like their SK408 gas field and their Brazil joint venture. Should be able to generate good returns once they solve this debt issue. PNB has brought in professionals to manage the company, but no matter how genius they are, the legacy issue is still there.

From UOB Kay Hian's report, seems like the banks are not willing to waive the default of loan. UOB is one of Sapura Energy's lender, so maybe UOBKH heard some internal news from their counterpart.

If that is really the case and there is no alternative funding available to repay the debt, the logical next step is to declare PN17 and negotiate a "haircut" with all the creditors (like what AAX has done).

For me, short term pain is better than long term pain. If keep on dragging like this, more O&G operators will disqualify Sapura Energy from bidding for their projects. Might as well restructure and start afresh.

Purely based on the story, the government has all the right to exercise the call option. Its a commercial deal willingly entered into by Mulia. I see this as Mulia charging its stake in the project to the government in exchange for funding, not too different from a mortgage loan entered into by house owners. When house owners default, bank will lelong the property, doesn't matter how much the house owners bought the property for. Why should it be different for Mulia? The fact that they have spent RM1.1 billion should not matter to the government.

RM11b