What now for Barakah?

JUST as things were starting to look up for Barakah Offshore Petroleum Bhd by way of a white knight coming in to revive its fortunes, it was dealt with another blow. The operating licence for its unit, PBJV Group Sdn Bhd, was suspended by Petroliam Nasional Bhd (Petronas) due to reported non-performance.

The white knight is Singapore’s Lecca Group Ptd Ltd, which is to emerge as the single largest shareholder in Barakah with a 44.87% stake as part of the plan to help regularise its financial condition and lift itself out of the Practice Note 17 or PN17 category.

But where does this unexpected development leave Lecca?

...

Full Article on TheStar