Bumi Armada unaware of developments impacting trading activity

KUALA LUMPUR: Bumi Armada Bhd has informed Bursa Malaysia that it is unaware of any company developments possibly impacting trading activity.

On Nov 30, the oilfield services company was queried by Bursa Malaysia for an unusual market activity (UMA), following a sharp fall in its share price.

Shares of the company closed at a record low of 16 cents, down three cents or 15.8 per cent on Nov 30, after it missed its proposed October deadline to restructure some RM2.09 billion worth of unsecured short-term loans due in three tranches by May 2019.

In its explanation to the local exchange, the company confirmed that to the best of its knowledge and after making due enquiry on the matter, it is unaware of anything that may have contributed to the UMA.

“We wish to further clarify that Bumi Armada is currently in active negotiations with financiers, and aims to complete the refinancing by the end of the first quarter of 2019.

“We will make the necessary announcement(s) in compliance with its obligations under the Main Market Listing Requirements of Bursa Securities from time to time,” it said.

The company also confirmed its compliance with the Bursa Securities LR, in particular paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations.

At 3.15 pm, shares of Bumi Armada rose 2.5 cents to 18.5 cents with 163.90 million shares transacted. - Bernama