BARAKAH Offshore Petroleum Bhd is set to be delisted from Bursa Malaysia after announcing it will not appeal the delisting decision by Bursa Securities, effectively bringing its years-long struggle to regularise its financial condition to a close.
“On behalf of the board of directors of Barakah, Malacca Securities Sdn Bhd wishes to announce, with regret, that the company has exhausted all available avenues to regularise the financial condition and operations of the company.
“As such, the company has decided not to submit an appeal to Bursa Securities against the de-listing within the Appeal Timeframe i.e. on or before 29 May 2025,” it said in a filing to the stock exchnage today.
This follows Bursa Securities’ earlier rejection of Barakah’s application for more time to submit a regularisation plan.
The regulator had noted that Barakah “has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan.”
As a result, trading in Barakah shares will be suspended on May 30, and the company is expected to be delisted on June 4, 2025.
Barakah had triggered PN17 status in March 2019 after defaulting on a loan from EXIM Bank for a vessel.
Since then, it had been granted multiple deadline extensions to submit a plan to regularise its financial condition, the latest of which expired on May 14, 2025.
The group had submitted its most recent extension request on April 30 but withdrew a proposed regularisation plan that was originally submitted on October 30, 2023.
That plan included a RM195 million capital reduction, a three-into-one share consolidation, and the issuance of 62.5 million new shares to its executive chairman, Datuk Seri Nik Hamdan Daud, to raise RM7.5 million.
The plan was scrapped following the receipt of a RM78.8 million adjudication sum and updates on the company’s contract tenders, leading to further delays and ultimately the loss of Bursa’s confidence in the viability of Barakah’s turnaround. — TMR
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