Sapura Energy makes clarification on ‘aspirational’ timeline for regularisation plan

KUALA LUMPUR: Sapura Energy Bhd has clarified that the timeline for the completion of its proposed regularisation plan mentioned in an article carried in StarBiz 7 on Nov 23, 2024, remains an aspirational target.

In a statement, the group said the target was “overly optimistic and conditional, among others, upon the approvals required for the proposed regularisation plan of the company”.

It said the statements in relation the timeline stated in the article entitled “Sapura Energy ‘in a good place now’” were intended to reflect that the company is taking the necessary measures to be in a position to submit its regularisation plan to Bursa Securities before the end of 2025.

“The board of directors of Sapura Energy is aware of the responsibility to adhere with the relevant laws, guidelines and requirements pertaining to PN17 exit.

“For information, the company has submitted an extension of time application in respect of the proposed regularisation plan to Bursa Malaysia Securities Bhd on Nov 18, 2024, for its approval and we currently await its approval.

“Hence, the proposed regularisation plan of the company has yet to be submitted to Bursa Securities for its approval at this juncture.”

Sapura Energy added it will release the necessary announcements in a timely manner to Bursa Malaysia Securities should there be any material information which falls under the Main Market listing requirements.