Barakah Offshore Petroleum Bhd Faces Suspension and Potential Delisting
KUALA LUMPUR (May 22, 2025) — Barakah Offshore Petroleum Bhd (KL:BARAKAH), a Malaysian oil and gas company specializing in offshore drilling and production, is set to face significant challenges as its shares are scheduled for suspension from trading on May 30, 2025. The company may also be delisted from Bursa Malaysia on June 4, 2025, following the rejection of its application for an extension to submit a regularisation plan.
Bursa Securities has determined that Barakah has not demonstrated sufficient progress towards finalizing and submitting the required regularisation plan, leading to the rejection of its extension request. The company had submitted its latest application for an extension on April 30, 2025, after receiving multiple previous extensions, with the most recent one allowing until May 14, 2025, to submit its plan.
In a notable development, Barakah withdrew its proposed regularisation plan submitted on October 30, 2024, after receiving an adjudication sum of RM78.8 million and updates on its tendering contracts. The initial plan included a proposed capital reduction of RM195 million.
If Barakah decides to appeal the delisting decision, the process will be deferred until a decision on the appeal is made. However, the suspension of the company’s securities will proceed on May 30, 2025, regardless of the appeal’s status. The company must submit any appeal against the delisting to Bursa Securities by May 29, 2025, to be considered.
As of May 15, 2025, Barakah’s close price was MYR 0.04, with a 52-week high of MYR 0.085 and a low of MYR 0.03. The company’s market capitalization stands at MYR 35,103,004, with a price-to-earnings ratio of 0.470113.
This situation underscores the challenges faced by Barakah in meeting regulatory requirements and maintaining its listing status on Bursa Malaysia.