KUALA LUMPUR: Bursa Malaysia Securities has extended the deadline for Sapura Energy Bhd (SEB) to submit its regularisation plan by another six months, set for Nov 30, 2024 following the third extension of time application.
SEB's principal adviser, MIDF Amanah Investment Bank Bhd, received the notification on June 28, 2024, according to SEB's filing with the stock exchange.
The filing said the approval is granted without prejudice to Bursa Securities' right to suspend the trading of SEB's listed securities and to de-list the company if SEB fails to submit its regularisation plan by Nov 30, 2024.
"SEB must obtain necessary regulatory approvals and implement its regularisation plan within the stipulated or extended time frame," it added.
It noted that if any of the conditions occur, Bursa Securities will suspend trading of SEB's listed securities on the sixth market day following the suspension notification date and proceed to de-list the company, subject to SEB's right to appeal the delisting.
In a separate filing to update on its PN17 status, SEB said, together with its advisors, it will continue to actively develop the plan to ensure that the plan is sufficiently robust to address its business and financial conditions.