Two more Sapura Energy units served with winding-up petitions

Two more Sapura Energy units served with winding-up petitions
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KUALA LUMPUR (July 14): Two more of debt-ridden Sapura Energy Bhd’s units, Sapura Pinewell Sdn Bhd (SPSB) and Sapura Fabrication Sdn Bhd (SFSB), have been served with winding-up petitions for failing to settle RM906,194 in outstanding amounts.
 
SPSB and SFSB were served the petitions last Friday (July 8), due to the non-payment of invoices from Plomo Group Sdn Bhd and Marine Creation Sdn Bhd respectively, according to a bourse filing on Thursday (July 14).
 
SPSB had allegedly failed to pay RM392,120.70 in relation to a contract for the supply of marine gas oil and fresh water to a vessel. The court has fixed July 28 and Sept 6 for its case management and hearing.

Meanwhile, SFSB failed to pay RM514,073.34 under a contract for vessel chartering. The case management and hearing dates were fixed for Aug 9 and Aug 23 respectively.

The High Court had previously granted Sapura Energy Bhd and 22 of its wholly-owned subsidiaries a nine-month extension on the restraining order against their creditors, which will expire on March 10, 2023, to allow the group to restructure its debts under a scheme of arrangement.

“As the restraining and extended restraining orders are in force, with regard to Petition-1 (SPSB), the company will be requesting for a stay of Petition-1 pending the outcome of the proposed scheme of arrangement.
 
“As for Petition-2 (SFSB), the company will be requesting Petitioner-2 to withdraw its petition as it was filed in breach of the restraining and extended order. In the event Petitioner-2 fails and/or refuses to do so, the company may be forced to take further legal action against Petitioner-2,” said Sapura Energy.

None of the subsidiaries are major subsidiaries of the company as defined under Chapter 1 of the Main Market Listing Requirements, it said.

Based on the audited financial statements for the financial year ended Jan 31, 2022, Sapura Energy has invested a total RM427.95 million in SPSB, and RM4.296 billion in SFSB.

The company is currently negotiating with its creditors on a proposed settlement plan as part of its debt restructuring plan, after receiving several winding-up petitions.
 
Earlier in June, the company was classified as a Practice Note 17 company, as its shareholders’ equity of RM85 million fell below 50% of its share capital of RM10.9 billion.
 
Sapura Energy shares were unchanged at four sen on Thursday, giving it a market capitalisation of RM639.16 million.

Ahmad Naqib Idris