Sapura Energy Berhad ("Sapura Energy” or "the Company") wishes to announce that it has been granted a time extension of up to 31 May 2024, to submit its Practice Note 17 (“PN17”) regularisation plan to the relevant regulatory authorities.
In a filing with Bursa Malaysia today, its principal adviser MIDF Amanah Investment Bank Berhad announced on behalf of the Company that Bursa Malaysia Securities had given the extension to Sapura Energy vide its letter dated 13 December 2023.
The extension of time would enable the Company to continue building a robust regularisation plan based on the ongoing debt restructuring exercise, which is well underway following the confirmation for its proposed restructuring scheme approval-in-principle from the Corporate Debt Restructuring Committee
Sapura Energy also filed with Bursa Malaysia yesterday its third consecutive positive quarter in financial year 2024, posting a profit after tax and minority interests of about RM31 million, on the back of earnings before interest, taxes, depreciation, and amortisation of RM211 million, and revenue of RM1.10 billion.
On behalf of the Board of Directors and the leadership team, Sapura Energy would like to express its deepest gratitude for the continued trust and support from all its stakeholders.
Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.