Sunday 15 Dec 2024
By
main news image

KUALA LUMPUR (Jan 29): Pelaburan MARA Bhd has denied claims of receiving any proposals from Handal Energy Bhd concerning an investment in redeemable non-convertible preference shares (RNCPS).

In a statement, Pelaburan MARA emphasised that no evaluation or confirmation regarding the RNCPS investment has been conducted.

"Pelaburan MARA will conduct rigorous evaluation and due diligence exercises pursuant to a formal proposal being made, in accordance with the procedures and to meet the regulatory requirements before making any investment decision," it added.

Pelaburan MARA said it would request Handal Energy to clarify the matter with all relevant parties to avoid any misunderstandings.

"Pelaburan MARA takes its reputation and the accuracy of reporting on its services seriously. We pledge to keep our stakeholders apprised of any significant developments in a clear and transparent manner," the statement read.

On Jan 18, Handal Energy, in a stock exchange filing, announced that its wholly owned unit Handal Floaters Sdn Bhd (HLFSB) had entered into a joint venture agreement with Hadid Oil and Gas LLP (HAG), establishing a limited liability partnership (LLP) for shared involvement in the early oil production field development programme, particularly Phase 1 of the Nipineftegas field development plan.

The agreement is subject to numerous conditions precedent, including the execution of an RNCPS agreement between HFLSB and Pelaburan MARA, with Pelaburan MARA subscribing to the RNCPS issued by HFLSB at an issue price to be determined later based on an issue size of US$5 million (RM23.64 million).

It also stated that the parties commit to obtaining necessary approvals and consent within three months, with the option to mutually extend for an additional three months if needed. If approvals are not secured within the stipulated time frame or any agreed extension, the agreement shall ipso facto cease, and neither party is entitled to claim costs, damages, compensation, or other claims, except for any antecedent breach.

Edited ByIsabelle Francis
      Print
      Text Size
      Share