Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 17): Loss-making Barakah Offshore Petroleum Bhd fell 12% in active trade this morning after the group and its unit PBJV Group Sdn Bhd had been granted a court order to restrain all proceedings and actions brought against them, except with leave of the court, for up to 90 days from Oct 12 till Jan 9, 2019.

At 9.22am, Barakah fell 1.5 sen to 11 sen with 17.60 million shares traded.

“The order was applied for as part of a proactive measure by Barakah to manage the debt levels of Barakah and its subsidiaries and the order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the company,” it said.

 

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