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Sapura Energy confirms receiving favourable interim order from South African high court

KUALA LUMPUR: Sapura Energy Bhd confirms that the South African high court has issued an interim order recognising the restraining order (RO) by the High Court of Malaya.

The group said as it operates in various locations across the globe, it is necessary to pursue recognition of the RO in all relevant jurisdictions outside Malaysia, including South Africa.

"Securing such recognition is crucial to safeguarding our assets globally, enabling us to focus on project execution without facing disruptions due to legal uncertainties," the group's spokesperson said in response to Business Times query today. 

Sapura Energy said it continues to progress its restructuring exercise while concurrently working with its advisors to develop and submit a regularisation plan to address the group's status as a listed company under Practice Note 17 (PN17). 

The group issues monthly updates on the status of its regularisation plan, in line with its disclosure obligations under the Main Market listing requirements. 

Earlier today, it was announced that Sapura Energy and its subsidiary Sapura 1200 Ltd had been given legal protection by the South African High Court over its scheme of arrangement.  

The order was given by the Western Cape Division of the High Court in a notice dated Oct 25.

In the notice, the high court recognised specific protections provided to Sapura Energy in Malaysia earlier this year, as the company pursues a debt restructuring plan under the latter's Companies Act of 2016.  

Key elements of the ruling include a moratorium on all claims against Sapura Energy and its assets in South Africa, including vessels operated by the company.

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