TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY") PROPOSED DISPOSAL OF KOTA LAKSAMANA 101 BARGE ("KL101 BARGE" OR THE "BARGE") TO PT. WINTERMAR RAJAWALI ASIA FOR A CASH CONSIDERATION OF USD9.70 MILLION ("PROPOSED DISPOSAL")
| BARAKAH OFFSHORE PETROLEUM BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | BARAKAH OFFSHORE PETROLEUM BERHAD ("BARAKAH" OR THE "COMPANY")
PROPOSED DISPOSAL OF KOTA LAKSAMANA 101 BARGE ("KL101 BARGE" OR THE "BARGE") TO PT. WINTERMAR RAJAWALI ASIA FOR A CASH CONSIDERATION OF USD9.70 MILLION ("PROPOSED DISPOSAL") |
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Reference is made to the Company’s earlier announcement dated 28 October 2024 in relation to the Proposed Disposal, the circular to shareholders dated 3 December 2024 in relation to the Proposed Disposal (“Circular”) and the announcement in relation to the outcome of the extraordinary general meeting for the Proposed Disposal dated 18 December 2024. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Circular.
On behalf of the Board of Directors of Barakah, Malacca Securities wishes to announce that the MOA in relation to the Proposed Disposal had lapsed on 28 February 2025 and a notice of cancelation and termination was issued on 3 March 2025 by Barakah in accordance with the provision of the MOA. Accordingly, the MOA has become null with immediate effect.
Pursuant thereto, the Group will continue to engage with EXIM Bank to negotiate new payment milestones of the balance Settlement Sum.
At the same time, Barakah is in active negotiations with several potential buyers and aims to finalise discussions on the terms soonest possible.
The Company will make the requisite announcements on any updates on the progress of the disposal of the KL101 Barge.
This announcement is dated 3 March 2025. |
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Announcement Info
| Company Name | BARAKAH OFFSHORE PETROLEUM BERHAD |
| Stock Name | BARAKAH |
| Date Announced | 03 Mar 2025 |
| Category | General Announcement for PLC |
| Reference Number | GA1-03032025-00039 |