BARAKAH

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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
MONTHLY ANNOUNCEMENT
Description
BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY")

MONTHLY ANNOUNCEMENT PURSUANT TO THE PRACTICE NOTE 17 ("PN17") OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES")

We refer to the Company’s following earlier announcements made in relation to the Company being classified as a PN 17 Issuer pursuant to Practice Note 17 of Listing Requirements of Bursa Securities:-

 

(i) first announcement dated 17 May 2019 and 21 May 2019 (“First Announcements”); and

 

(ii) the subsequent announcements dated 3 June 2019, 1 July 2019, 1 August 2019, 3 September 2019, 1 October 2019, 1 November 2019, 2 December 2019, 2 January 2020, 3 February 2020, 2 March 2020, 1 April 2020, 4 May 2020, 1 June 2020, 1 July 2020, 3 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 2 February 2021, 1 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021, 1 September 2021, 1 October 2021,  1 November 2021, 10 November 2021, 29 November 2021, 1 December 2021, 7 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022 and 28 April 2022,

 

(collectively, referred to as the “Earlier Announcements”).

 

The terms herein shall bear the same meaning as defined in the Earlier Announcements.

 

On behalf of the Board, Malacca Securities had on 28 April 2022, made the requisite announcement pursuant to Paragraph 4.2 of PN17, which sets out the Company’s proposed regularisation plan comprising the following:-

 

(a) a proposed renounceable rights issue of new  ordinary shares in Barakah (“Barakah Shares” or “Shares”) (“Rights Shares”) with free warrants (“Warrants”) to the entitled shareholders of Barakah (“Entitled Shareholders”) on a basis and issue price to be determined and announced later to raise gross proceeds of up to approximately RM40.0 million (“Proposed Rights Issue with Warrants”);

 

(b) a proposed capital reduction of approximately RM197.7 million to be carried out by the Company, pursuant to Section 116 of the Companies Act, 2016 (“Act”) to reduce the share capital and accumulated losses of the Company (“Proposed Capital Reduction”); and

 

(c) proposed establishment of an employees’ shares scheme (“ESS”) of up to 15% of the issued share capital of Barakah (excluding treasury shares, if any) at any point in time during the duration of the scheme, for the eligible directors and employees of Barakah and its subsidiaries (“Barakah Group”) (“Proposed ESS”),

 

(collectively, referred to as the “Proposed Regularisation Plan”).

 

On the same date, Malacca Securities had submitted an application to Bursa Securities on behalf of the Board, for an extension of time of 6 months from 17 May 2022 to 16 November 2022 for Barakah to submit its proposed regularisation plan (“EOT Application”).

 

The EOT Application is still pending decision from Bursa Securities.

 

This announcement is dated 5 May 2022.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 05 May 2022
Category General Announcement for PLC
Reference Number GA1-28042022-00019