KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has assured its unit holders that the state of affairs in Sapura Energy Bhd (SEB) has a minimal impression on its portfolio, and as at present market costs, the exposure is less than one per cent of its property beneath administration (AUM).
PNB mentioned this following a report that the High Court of Malaya, Kuala Lumpur, has granted SEB and 22 of its wholly-owned subsidiaries, Orders beneath Sections 366 and 368 of the Companies Act 2016, that are permission to negotiate with collectors a proposed scheme of association (SOA) and a Restraining Order (RO) to restrain and keep authorized proceedings towards them.
‘PNB understands that SEB has been negatively impacted by the volatility in the oil and gas
industry and the adverse effects of Covid-19. These have been reflected in the company’s monetary efficiency, main to a protracted tight liquidity state of affairs and numerous authorized actions arising from excellent funds to distributors and suppliers,” it mentioned.
PNB has been knowledgeable that in mild of the above points, the courtroom orders would enable SEB to restructure its stability sheet and put it on a sustainable footing.
“PNB stays steadfast and dedicated in direction of defending and appearing in the very best curiosity of its unit holders.” – Bernama