KUALA LUMPUR: Perak Corporation Bhd has been granted a six months extension by Bursa Malaysia Securities to submits its regularisation plan pertaining to its Practice Note 17 (PN 17) status.
The new deadline is now postponed to Feb 9, 2025 after the company applied for an extension of time in August 9.
The extension of time is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities if it fails to submit the regularisation plan on or before February 9.
It can also delist the company if Perak Corporation fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan or fails to implement its regularisation plan within the time frame or extended time frame stipulated.
"Upon occurrence of any of the events, Bursa Securities shall suspend the trading of the listed securities of Perak Corporation on the sixth market day after the date of notification of suspension by Bursa Securities and de-list the company, subject to the company's right to appeal against the delisting," it said in a filing with Bursa Malaysia Securities.
The company was declared a PN17 company in February 2020 due to a default in payment and its inability to declare solvency.
For the first half of ended June 30, 2024 (1H2024), it logged a net profit of RM263,000, down 4.71 per cent from RM276,000 a year ago on the back of lower revenue.
Its revenue tumbled 3.17 per cent to to RM77.28 million from RM79.82 million previously.
It closed at 31.5 sen a share yesterday, giving it a market capitalisation of RM31.5 million.