In compliance with paragraph 4.1 of PN17 and further to the announcements made on 30 April 2023, the Board of Directors of Zelan Berhad (“Zelan” or “the Company”) wishes to inform that the Company is looking into formulating a plan to regularise its financial condition (“Regularisation Plan”).

There was no material event subsequent to the end of the current financial period ended 31 March 2023.

The Group wishes to highlight that in relation to disclaimer of opinion disclosed in the Independent Auditors’ Report for FYE 31 December 2022, the Group has taken the necessary steps as stated below:-

1.      Opening Balances

         The Group is in the midst of reconciling the opening intercompany balances between certain receivables and payables which will be eliminated at Group level. 

2.      Going concern

         (a)     Trade receivables

                  The Group will continue to pursue all the efforts towards recovery of the carrying value of receivables for the Group project in Abu Dhabi, United Arab Emirates amounting to RM241.76 million.

        (b)      Borrowings

                 The Group is closely following-up with the bank’s representative in Dubai, United Arab Emirates to secure the approval for the debt restructuring plan in respect of the outstanding loans.

3.      Balances Subject to Verification

        The Group is in the midst of compiling the relevant documentation to confirm the accuracy and completeness of balances.

The Company has approximately eleven (11) months to submit its regularisation plan to the relevant authorities for approval and will make the necessary announcement on the regularisation plan in accordance with the requirements under PN 17.

This Announcement is dated 30 May 2023.

Announcement Info