KUALA LUMPUR (May 22): Barakah Offshore Petroleum Bhd (KL:BARAKAH) will have its shares suspended from trading on May 30 and may be delisted on June 4, after it failed to obtain additional time to submit a regularisation plan.

In a filing with the exchange on Thursday, the Practice Note 17 (PN17) company said Bursa Securities had rejected its application for an extension as "the company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan".

If the company files an appeal against the delisting, the June 4 delisting will be deferred until a decision on the appeal is made. However, Bursa Securities will proceed with the suspension of the company’s securities on May 30, even if a decision on the appeal is still pending.

Barakah submitted its latest extension application on April 30. Prior to that, the company had received several extensions from the regulator, with the most recent one allowing it until May 14 to submit its plan.

Notably, Barakah has withdrawn the proposed regularisation plan that was submitted on Oct 30 last year, following the receipt of an adjudication sum of RM78.8 million and updates on its tendering contracts.

The earlier plan had included a proposed capital reduction of RM195 million, 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.

Barakah triggered PN17 status in March 2019 after it defaulted on payments to EXIM Bank for a vessel.

The company’s shares closed unchanged at three sen on Thursday, valuing the company at RM30.1 million.

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