KUALA LUMPUR: Sapura Energy Bhd has applied for its fourth extension of time, another six months until May 31, 2025, to submit its plan to regularise its financial condition.
The oil and gas group was to have submitted its plan to exit its Practice Note 17 status by Nov 30, 2024.
In a filing with Bursa Malaysia Securities, the group said the application for time extension was made on Nov 18, 2024.
Sapura Energy fell into PN17 status on May 31, 2022 after its shareholders' equity position fell to less than 50 per cent of its share capital.
Last week, Sapura Energy accepted terms and conditions by its multi-currency financing (MCF) creditors for the proposed disposal of its 50 per cent stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$705.3 million (RM3.16 billion), of which proceeds will go to paying part of its liabilities.
As at July 31, 2024 its current liabilities stood at about RM18 billion.
For the six month period ended July 31, 2024 it reported a net loss of RM56.9 million against RM2.4 billion revenue.