KUALA LUMPUR: State-owned Perak Corporation Bhd is in the final stages of completing its regularisation plans to exit Practice Note 17 (PN17) status, according to Perbadanan Kemajuan Negeri Perak (PKNPk).
The state development corporation, which holds a 52.9 per cent stake in Perak Corp, stated that the plans are being prepared in accordance with regulatory requirements.
"We are unable to provide specific details until we have submitted the relevant information to Bursa Malaysia. We remain committed to transparency and will share updates with our stakeholders and the public as soon as it is appropriate for PKNPk to comment," the company told Business Times.
Perak Corp has been under PN17 status since February 2020, following a payment default and its inability to declare solvency.
For the first half ended June 30, 2024 (1H2024), the company posted a net profit of RM263,000, representing a 4.71 per cent decline from RM276,000 in the same period last year, attributed to lower revenue.
Revenue fell by 3.17 per cent to RM77.28 million from RM79.82 million.
Sime Darby Property Bhd holds a 6.13 per cent equity stake, making it another substantial shareholder of Perak Corp.
Perak Corp was recently granted a sixth extension to submit its regularisation plan. In a filing with Bursa Malaysia, the company announced a six-month extension until February 9, 2025, following its request for additional time on August 9.
This extension does not affect Bursa Securities' right to suspend trading of Perak Corp's listed securities if the plan is not submitted by the deadline.
Additionally, Bursa Malaysia may delist Perak Corp if it fails to secure necessary regulatory approvals or implement the regularisation plan within the extended timeframe.