KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has assured its unit holders that the situation in Sapura Energy Bhd (SEB) has a minimal impact on its portfolio, and as at current market prices, the exposure is less than one per cent of its assets under management (AUM).

       PNB said this following a report that the High Court of Malaya, Kuala Lumpur, has granted SEB and 22 of its wholly-owned subsidiaries, Orders under Sections 366 and 368 of the Companies Act 2016, which are permission to negotiate with creditors a proposed scheme of arrangement (SOA) and a Restraining Order (RO) to restrain and stay legal proceedings against 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 financial performance, leading to a prolonged tight liquidity situation and various legal actions arising from outstanding payments to vendors and suppliers,” it said.

       PNB has been informed that in light of the above issues, the court orders would allow SEB to restructure its balance sheet and put it on a sustainable footing.

       "PNB remains steadfast and committed towards protecting and acting in the best interest of its unit holders.” - Bernama