Refer to the Company’s First Announcements dated 30 April 2023, monthly announcement dated 30 May 2023, 30 June 2023, 31 July 2023 and 28 August 2023 respectively 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(c) 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 2022.

There was no material event subsequent to the end of the current financial period ended 30 June 2023.

The Company has approximately seven (7) 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 29 September 2023.

Announcement Info