KUALA LUMPUR, May 22 (Bernama) -- Bursa Malaysia had rejected Barakah Offshore Petroleum Bhd's application for a further extension of time to submit its regularisation plan.
Barakah said in a Bursa Malaysia filing today that trading in the securities of Barakah will be suspended with effect from May 30, 2025.
“In addition, the securities of the company will be de-listed on June 4, 2025 unless an appeal against the de-listing is submitted to Bursa Securities on or before May 29, 2025.
"Any appeal submitted after the appeal timeframe will not be considered by Bursa Malaysia,” it said.
In the event the company submits an appeal to Bursa Malaysia within the appeal timeframe, it said the de-listing of the securities of the company from the official list of Bursa Malaysia on June 4, 2025 will be deferred pending the decision on the company’s appeal.
"However, Bursa Malaysia will proceed to suspend the trading of the company’s securities on May 30, 2025 even though the decision on the company’s appeal is still pending.
"With respect to the securities of the company which are currently deposited with Bursa Malaysia Depository Sdn Bhd, the securities will be withdrawn from Bursa Depository by the company upon the de-listing of the securities from the official list of Bursa Securities,” it added.
According to the filing, the company will continue to update and maintain the shareholders’ information in their register.
Upon the de-listing of the company, the company will continue to exist but as an unlisted entity.
The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.
However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016.
-- BERNAMA
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