KUALA LUMPUR: Debt-ridden Perak Corp Bhd, a 52.9 per cent-owned subsidiary of the Perak State Development Bhd has been granted a further extension of time of six months up to Aug 10, 2024, to submit its regularisation plan to the relevant regulatory authorities for approval.
This marks the fifth time that Perak Corp has been granted an extension deadline from Bursa Securities.
In a filing with the local bourse, Perak Corp said the extension of time granted is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of Perak Corp and to de-list the company.
Perak Corp announced on Feb 11, 2020, it triggered the criteria pursuant to PN17 after it defaulted in the payment of the Musharakah Mutanaqisah Term Financing-i and Tawarruq Revolving Credit-i of up to RM100 million.
Bursa Securities said if Perak Corp fails to submit its regularisation plan to relevant authorities or obtain approval by August 10, 2024, trading of its listed securities will be suspended on the sixth market day following notification of suspension.
Furthermore, the company faces potential delisting, although it retains the right to appeal.