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 capital reconstruction, debt restructuring, fundraising, and exemption,” Sapura Energy said in a filing with Bursa Malaysia today.
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% of its share capital of RM10.87 billion as of Jan 31 that year.
There was also a material uncertainty related to a going concern highlighted by the company’s auditors in its audited financial statements for the financial year 2022.
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 this year.