Like Scomi, AA is given up to 3 years to settle financial issues. PN17 Relief period 8/7/20 to 7/1/22. Foot Dragging further to Sept 23 which is 18months extension more. No further extension expected. Given the prompt response of Bursa, AA should already received a Letter from Bursa on PN17 status. Maybe Tony request BN for help??
from bankers, i heard PNB has achieved 51% stake in SAP. Can pass & win any proposal including merger with MHB. We never see PNB buys SAP shares in Market compare with Velesto. Just good hiding &Trading Skill
SAP used MIDF investment Bank for regularisation plan which strong in Sukuk and has good relation with many Gov GLC. Looks like a Gov bailout. Regularisation Plan will take 3 months, most likely Exit PN17 in June or July
Lewis Lee Stay away from Sapura , last I read the restructuring will involved share consolidation of 20 to 1 !! ___________________________________________________________________ Nobody knows you dont understand stock market until you try to explain what is consolidation?
(Kuala Lumpur, 11th) Sapura Energy (SAPNRG, 5218, main board energy stocks) finally found a "white warrior", who is expected to inject RM1.8 billion to assist the company in its restructuring.
According to the report of the financial weekly "The Edge", when reading the court documents, it was found that Sapura Energy received a letter on the 15th of last month, stating that a "white warrior" intends to provide funds for the company, but there are conditions attached.
With the addition of the "White Warrior", the company is waiting for an opportunity to launch a new plan to restructure its RM10.3 billion debt.
The additional conditions include that the relevant amount and regulations will be discussed and implemented by the two parties again, and at the same time, it is necessary to agree to adopt a multi-currency financing plan.
Still, the "White Warrior" is not named on court documents, so his identity remains a mystery.
According to multiple sources, the "White Warrior" is expected to come from an oil and gas company in the Middle East. It is believed that a series of negotiations began in November last year.
In response to the matter, the representative of Sapura Energy said that once there is the latest restructuring progress, it will inform Bursa Malaysia, the market and the media as soon as possible, but did not disclose the identity of the "White Warrior".
On the 8th of this month, the High Court announced that Sapura Energy and its 22 subsidiaries had obtained a new court order, prohibiting creditors from taking legal action against the company within three months.
During these three months, both parties also need to hold a meeting with each creditor, so that the company can carry out debt restructuring work with creditors without being distracted by legal disputes.
Sapura Energy Chief Executive Officer Datuk Mohd Annuar Thai said in a statement that despite the limited working capital and the challenging macroeconomic environment, the company's financial performance has improved significantly compared to the previous year.
alot of pressure by Bank Negara for Lenders to accept package deal. Postpone another 6 months are for bank investors EGM and then SAP egm. Very close to done deal. You see SerB cannot even offer similar deal, but owe 13bil
Looks like no RI for ikan bilis and PNB, All 10billion will be recycled into perpetual paper loans, convertible into shares. Bankers pump up shares price and unload?? However Sap still need cash injection from Anwar. Anyway the moment Bankers make acceptance speech, price will leap 10fold from current price.
Out of every RM1 in liabilities owed, roughly 25 sen will be refinanced. Another 20 sen will be converted into perpetual non-tradable in-kind notes with a 5% coupon per annum. The perpetual paper is convertible into ordinary shares of Sapura Energy in its fourth year.
The remaining 55 sen will be converted into perpetual non-tradable zero-coupon notes issued by Sapura Energy, which will then be converted into shares in its subsidiaries, namely Sapura Drilling Sdn Bhd, Sapura Technology Solutions Sdn Bhd and Sapura Geosciences Sdn Bhd, in the fourth year.
The obvious next question is whether the lenders taking part in the scheme of arrangement would see large provisions that could drag down earnings in the upcoming quarters.
The financiers involved in the multi-currency facilities (MCF) agreement are Maybank Islamic Bank Bhd, CIMB Bank Bhd, RHB Bank Bhd, AmBank Islamic Bhd, Export-Import Bank of Malaysia Bhd, United Overseas Bank Ltd, ING Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Analysts contacted by The Edge say they do not think the troubles at Sapura Energy would significantly impact the banks involved.
“Sapura is not a new account and the development is not fresh per se. They [banks] have been putting in provisions even before this [latest development]. So the level of provisions should be sufficient,” says Hong Leong Investment Bank analyst Chan Jit Hoong.
At first Glance previously, we thought China side will provide money and Orders to Silterra. Now it looks like the Silk Road's intention by the Chinese Side----They want to Control the Board. Arbitration!!Arbitration!!! Really Chinese side no Good intention
as i said before, market will negate SD 40sen. Price now 3.50. Gamuda needs a massive infar. boost from Anwar budget next year which will not come. Money will be used to support economy( handouts) and social program. When you see EPF and KWSP started dumping, you know something is wrong
Marked today price 0.73. If you buy 29Nov @ 0.73, and on 9Dec, price drop to 0.665, you gain Nothing from 0.065 Total Dividend. Just like Gamuda, give 0.38 SD but at Ex-Date lost all dividend. I think this will happen as KWSP keep selling
I think Zahid is still nego with Anwar about letting him go if he support him. A vote of confident is still required by Parliament for new PM so the show is still ON. Abang Johari( GPS) cannot control Sarawak MP from Voting Anwar