Monday 27 May 2024
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KUALA LUMPUR (March 31): Sapura Energy Bhd said the group has been slapped with another two winding-up petitions, this time over the failure to settle an aggregate sum of RM834,582.

The oil and gas service provider said its wholly-owned subsidiaries, Sapura Offshore Sdn Bhd and Sapura Geosciences Sdn Bhd, were served the petitions by VKI Marketing Sdn Bhd and Tumpuan Megah Development Sdn Bhd respectively. 

Sapura Offshore is alleged to have failed to pay RM210,443 in relation to a contract for the provision of goods sold and delivered, the group said in a bourse filing.

The petition against Sapura Geosciences, meanwhile, is with regard to the failure to pay RM624,139 under a contract for the supply of marine gas oil. 

Sapura Energy highlighted that in view of the restraining order secured by the group from the High Court on March 10 as part of its debt restructuring plan, the petitioners are restrained from taking action against the group for three months, except if permitted by the court.

Besides the restraining order, the High Court had also granted an order that enables the group to summon meetings with its creditors to consider a proposed scheme of arrangement and compromise as part of its debt restructuring plan.

“Pending the outcome of the orders, there will be no financial and operational impact and expected loss from the petitions,” it said.

Based on Sapura Energy’s audited financial statements for the financial year ended Jan 31, 2021, the group’s total investment in Sapura Offshore and Sapura Geosciences is RM2.62 million and RM71.6 million respectively.

In a separate filing, Sapura Energy said its unit Sapura Fabrication Sdn Bhd has agreed to a settlement with another petitioner, Sun Hardware Enterprise Sdn Bhd.

“On March 4, 2022, Sapura Fabrication received a notice of discontinuation of the winding-up petition taken against Sapura Fabrication by Sun Hardware,” it said.

Details of the settlement were not disclosed in the filing.

Sun Hardware’s winding-up petition against Sapura Fabrication pertained to the non-payment of RM70,597 owed to the former for the purchase of compacted steel wire ropes, bulldog clips, aluminium tags, RCPE rope medium lay and magnetic filter. 

Sapura Energy’s share price closed half a sen or 12.50% lower at 3.5 sen on Thursday (March 31), giving the group a market capitalisation of RM559.27 million.

Edited ByS Kanagaraju
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