KUALA LUMPUR (Aug 27): Barakah Offshore Petroleum Bhd is winding-up its subsidiary in Saudi Arabia, which was set up to secure oil and gas projects in the Middle East.
Barakah said the closure of PBJV Gulf Co Ltd is part of the group’s plans to reduce its operating costs.
In a filing with Bursa Malaysia today, Barakah said PBJV Gulf is an indirect 85%-owned subsidiary that was incorporated on March 19, 2012 and had set up an office in Al-Khobar, Saudi Arabia.
It added that a liquidator, Rami K. Al-Khedher, has been appointed to commence members’ voluntary liquidation of PBJV Gulf.
PBJV Gulf audited net liabilities as at Dec 31, 2017 was Saudi Riyal 626,985 (RM686,000).
"The closure and voluntary liquidation of PBJV Gulf is not expected to have any material effect on the group's net assets per share and earnings per share for the financial year ending Dec 31, 2018," said Barakah.
Barakah shares closed down 0.5 sen or 3.33% at 14.5 sen today, with 4.98 million shares done, bringing it a market capitalisation of RM119.83 million.