INVESTOR RELATIONS

FORM OF NOTICE OF CONVERSION OF 5-YEAR 3.5% REDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS ("RCULS" OR "BARAKAH-LA")

BURSA ANNOUNCEMENTS
Date : 28 April 2022

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN

BARAKAH OFFSHORE PETROLEUM BERHAD

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

PROPOSED REGULARISATION PLAN

On behalf of the Board of Directors of Barakah, Malacca Securities Sdn Bhd wishes to make the requisite announcement pursuant to Paragraph 4.2 of Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, which sets out the Company’s proposed regularisation plan comprising the following:-

 

(a) a proposed renounceable rights issue of new ordinary shares in Barakah shares (“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”).


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

This announcement is dated 28 April 2022.




Please refer attachment below.



Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 28 Apr 2022
Category General Announcement for PLC
Reference Number GA1-28042022-00040


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