Barakah gets white knight

Barakah Offshore Petroleum Bhd teams up with Vallianz Holdings Ltd to form a strategic alliance.

PETALING JAYA: Barakah Offshore Petroleum Bhd, which is in the midst of restructuring its debts, has secured a white knight that will pump in fresh capital in the near future, said its acting group CEO Abdul Rahim Awang.

“We are still under the non-disclosure agreement so we cannot reveal anymore details. This is the first step, since we need fresh capital injection so a white knight is important. We have spoken to the other creditors and they are willing to support us,” he said.