Reference is made to the Company’s Requisite Announcements dated 28 April 2022 and 8 November 2022 in relation to the Proposed Regularisation Plan and subsequent announcements dated 14 November 2022 and 20 February 2023. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcements.

On behalf of the Board, Malacca Securities wishes to announce that the Company had on 25 May 2023, received undertaking letters from Baxtech Resources Sdn Bhd (“Baxtech”) and Eureka Efektif Sdn Bhd (“EESB”) to subscribe for their entitlements under the Proposed Rights Issue with Warrants as follows:-

(i)         Undertaking Letter dated 25 May 2023 from Baxtech, for it or its nominee to subscribe in full for its entitlement under the Proposed Rights Issue with Warrants amounting to RM2,674,512 (“Baxtech Undertaking Letter”); and

(ii)        Undertaking Letter dated 25 May 2023 from EESB, for it or its nominee to subscribe in full for its entitlement under the Proposed Rights Issue with Warrants amounting to RM1,537,256 (“EESB Undertaking Letter”).

As such, Barakah had as at the date of this Announcement received total undertakings amounting to approximately RM12.2 million as follows:-

(i)          RM6.0 million Undertaking by Dato’ Sri Nik and NAS;

(ii)         RM2.0 million Undertaking by Mr Zainal;

(iii)        RM2.7 million Undertaking by Baxtech; and

(iv)        RM1.5 million Undertaking by EESB.

The undertakings by Dato’ Sri Nik, NAS, Mr Zainal, Baxtech and EESB shall herein be referred to as the “Undertakings”.

The undertaking letters by Dato’ Sri Nik, NAS, Mr Zainal, Baxtech and EESB shall herein be referred to as the “Undertaking Letters”.

For information, Baxtech is an existing 6.7% substantial shareholder of Barakah as at 28 April 2023, being the latest practicable date prior to the date of this Announcement (“LPD”).

The Undertakings will not result in the aforementioned parties and persons acting in concert with them triggering the obligation to undertake a mandatory general offer for all the remaining Barakah securities not already held by them in accordance with Paragraph 4.01(a) of the Rules.

Dato’ Sri Nik, NAS, Mr Zainal, Baxtech and EESB had confirmed in the Undertaking Letters that they have sufficient financial resources to fulfil their commitments pursuant to their respective Undertakings and such confirmation has been verified by Malacca Securities, being the Principal Adviser for the Proposed Regularisation Plan. 

Premised on the above, the Board wishes to announce that the Minimum Subscription Level had increased from RM8.0 million to RM12.2 million. 

Further details are set out in the attachment below.

This announcement is dated 25 May 2023.