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”).
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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 |