News
Practice Note 17 / Guidance Note 3 : Monthly Announcement
| Type | Announcement |
| Subject | PRACTICE NOTE 17 / GUIDANCE NOTE 3 MONTHLY ANNOUNCEMENT |
| Description | ZELAN BERHAD ("ZELAN" OR "THE COMPANY") MONTHLY ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 ("PN 17") OF THE MAIN MARKET LISTING REQUIREMENTS ("MMLR") OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") |
Refer to the Company’s First Announcements dated 30 April 2023, monthly announcement dated 30 May 2023 and 30 June 2023 made by the Company in relation to the classification of the Company as an affected listed issuer under PN17.
Unless otherwise defined, the definitions set out in the First Announcement shall apply therein.
Pursuant to paragraph 4.1 of PN17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of the Company wishes to announce that the Company is in the midst of formulating a regularisation plan to address its financial condition (“Regularisation Plan”).
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 necessary steps as stated below:-
1. Opening Balances
The Group has reconciled the opening intercompany balances between certain receivables and payables which will be eliminated at Group level. Currently the reconciliation is being reviewed by the Auditor.
2. Going Concern
i. Trade receivables
The Group is intensively monitoring all efforts via legal and commercial negotiation towards the recovery of the carrying value of receivables in respect of the Group’s project in Abu Dhabi, United Arab Emirates amounting to RM241.76 million.
ii. 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 has formulated action plan on resolving these issues and is currently in the process of obtaining confirmation of balances from respective parties to ensure existence, accuracy and completeness of outstanding balances for FYE 31 December 2023.
There was no material event subsequent to the end of the current financial period ended 31 March 2023.
Pursuant to Paragraph 4.1(b) of PN17 of the Listing Requirements, the Board of Directors of the Company wishes to inform that the Company is formulating a regularisation plan which will not result in significant change in the business direction or policy of the Company. Further thereto, the Company has approximately nine (9) months to submit its regularisation plan to the relevant regulatory authorities for approval to implement the same and will make the necessary announcement on the regularisation plan in accordance with the requirements under PN 17.
This Announcement is dated 31 July 2023.
Announcement Info
| Company Name | ZELAN BERHAD |
| Stock Name | ZELAN |
| Date Announced | 31 Jul 2023 |
| Category | General Announcement for PLC |
| Reference Number | GA1-31072023-00030 |