Bursa Malaysia approves Sapura Energy’s PN17 proposed exit plan after four extensions

KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved Sapura Energy Bhd’s proposed regularisation plan to exit its Practice Note 17 (PN17) status, following four deadline extensions.

“The proposed regularisation plan comprises a proposed capital reconstruction, proposed debt restructuring, proposed fund-raising and proposed exemption,” Sapura Energy said in a filing with Bursa Malaysia today.

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The oil and gas services outfit fell into PN17 status on May 31, 2022 due to its consolidated shareholders’ equity of RM85 million being less than 50 per cent of its share capital of RM10.87 billion as of Jan 31, 2022 (FY2022), and a material uncertainty related to going concern highlighted by the company’s auditors in its audited financial statements for FY2022. 

The company sought its first deadline extension on May 31, 2023, with the latest extension request made on Dec 17, 2024, for a six-month extension until May 31, 2025.

For approval, Sapura Energy and its main adviser for the proposed regularisation plan, MIDF Amanah Investment Bank Bhd, must fully comply with the relevant provisions of the Main Market Listing Requirements regarding the implementation of the proposed plan. – Bernama