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As such, the Company has decided not to submit an appeal to Bursa Securities against the de-listing within the Appeal Timeframe i.e. on or before 29 May 2025.
Minority shareholders of Barakah Offshore Petroleum Berhad need to open their eyes.
As of the Quarter Report ended 31st December 2024, Barakah reported a cash balance of RM87.2 million. That alone should already raise questions on why this PN17 company is being pushed for delisting.
But what’s even more shocking – the company has secured an adjudication award of RM78.8 million from ENQUEST, currently held by solicitors and yet to reflect in its accounts. Combine both, and Barakah is sitting on RM166 million in cash, or approximately 16 sen per share.
This is no longer a distressed company.
So why the rush to delist?
We believe this is a classic case of backdoor privatization – allowing the controlling shareholder to walk away with a huge windfall without paying a single sen in takeover premium. Minority shareholders, meanwhile, are left with nothing but losses.
Where is the protection for retail investors?
Where is the regulator’s voice?
We urge Bursa Malaysia and the Securities Commission to step in immediately – suspend the delisting, demand transparency, and uphold minority rights before it’s too late.
