KUALA LUMPUR: Sapura Energy Bhd
says it has been “advancing its plan” to regularise its financial position since being classified as a Practice Note 17 company and given time extension to come up with the plan.
The financially troubled company has been given a six-month extension, up to Nov 30, 2024, from Bursa Malaysia to submit its regularisation plan. It said its status update is part of the listing requirements of the Main Market of Bursa Malaysia.
“The company, together with its advisers, will continue to actively develop the plan to ensure that the plan is sufficiently robust to address its business and financial conditions. The company will make the necessary announcements should there be any further material developments on the above matter,” it said in filing with the stock exchange.
For its first quarter ended April 30, 2024, Sapura Energy’s net profit dropped to RM82.13mil from RM146.09mil in the previous corresponding period, while revenue rose to RM1.18bil from RM951.73mil a year earlier. — Agencies
