Thursday 30 May 2024
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KUALA LUMPUR (April 11): Barakah Offshore Petroleum Bhd’s shares rose as much as 30% to settle at 6.5 sen on Tuesday (April 11) with 21.79 million shares exchanging hands, following news that its wholly owned unit PBJV Group Sdn Bhd’s suspension has been lifted by Petroliam Nasional Bhd (Petronas) after a period of more than two years. 

Barakah, a PN17 status company, opened at seven sen on Tuesday, versus its closing price of five sen on Monday (April 10), before tracing back to 6.5 sen at 9.30am, implying a market capitalisation of RM65.2 million. 

In a filing with Bursa Malaysia on Monday, the company said its subsidiary PBJV had on April 6 received a notification from Petronas, which stated that Petronas has decided to uplift the suspension imposed against PBJV for PBJV’s Petronas licence. 
 
“Following the upliftment, any licence renewal application by PBJV is subject to assessment and consideration in accordance with the Petronas’s licensing & registration requirements,” the company said. 

Barakah added that it will take all necessary steps towards the licence renewal. 

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