3 days ago
Bertam uplifted from PN17 status
PETALING JAYA: Bertam Alliance Bhd has regularised its financial condition and no longer triggers any of the Prescribed Criteria under Paragraph 2.1 of Practice Note 17 (PN17) and Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia.
In a filing with Bursa Malaysia, the real estate business firm said Bursa Securities, after taking into consideration the relevant facts and circumstances of the matter, has resolved to approve the company's application for an early upliftment from being classified as an 'Affected Listed Issuer' pursuant to PN17.
Bertam said it will be uplifted from being classified as a PN17 company effective from 9am, Thursday, June 12, 2025.
Bertam fell into PN17 status in 2018 due to the winding-up order against its wholly-owned unit Bertam Development Sdn Bhd, which accounts for at least 50% of the company's total assets.
In May last year, Bertam said its external auditors, PKF, had expressed concerns about the company's ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2022.
