Pelaburan MARA Bhd denies receiving investment proposals from Handal Energy Bhd regarding redeemable non-convertible preference shares (RNCPS), clarifying that no evaluation or confirmation has occurred.

"Pelaburan MARA wishes to clarify that Pelaburan MARA has not received any proposal from HAB or HFLSB with regard to the investment in the RNCPS and that no evaluation and confirmation has been made," it said in a statement today.

The company notes its commitment to conducting thorough evaluations and due diligence exercises only after the formal submission of a proposal, following established procedures and regulatory requirements.

Pelaburan MARA requests Handal Energy to clarify the matter with relevant parties to prevent misunderstandings, underscoring its dedication to transparency and reputation.

The denial follows Handal Energy's announcement of a joint venture agreement with Hadid Oil and Gas LLP (HAG), subject to conditions including an RNCPS agreement with Pelaburan MARA.

On January 18, Handal Energy in a stock exchange filing said that its subsidiary, Handal Floaters Sdn Bhd (HLFSB), had entered into a joint venture agreement with HAG for shared involvement in the early oil production field development program, specifically Phase 1 of the Nipineftegas field development plan.

The agreement, subject to various conditions precedent, includes the execution of an RNCPS agreement between HFLSB and Pelaburan MARA, with Pelaburan MARA subscribing to the RNCPS issued by HFLSB at a later determined issue price of US$5 million (RM23.64 million).

The parties commit to obtaining necessary approvals within three months, with the option to extend for an additional three months if required.