MIDF Amanah Investment Bank Bhd, the group’s principal adviser, made the announcement on Sapura Energy’s behalf in a filing with Bursa Malaysia today.

Bursa had granted the extension via a letter dated June 12, according to the filing.

“The extension of time is needed given the complexity of the company’s overall reset plan. Sapura Energy’s debt restructuring efforts, which underpins its regularisation strategy, are progressing positively,” it said.

On June 7, Sapura Energy and its 22 wholly-owned subsidiaries were granted a nine-month extension by the High Court – from June 11, 2023 to March 10, 2024 – for the convening and restraining orders for its proposed debt restructuring.

The orders, which were granted in March this year, were set to expire on June 11.

With the extension, Sapura Energy will be able to continue addressing its financial obligations and work towards a sustainable path forward.

The company plans to hold court-convened meetings with its creditors by the end of October.

As at 2.31pm, Sapura Energy’s share price was unchanged at 3.5 sen, giving the company a market capitalisation of RM489.36 million.