Latest news with #RM420.76
New Straits Times
2 days ago
- Business
- New Straits Times
Pestec triggers PN17, seeks waiver from Bursa
KUALA LUMPUR: Pestec International Bhd has triggered Bursa Malaysia's Practice Note 17 (PN17) criteria after its audited results showed shareholders' equity fell to half or less of its issued share capital as at March 31, 2025. In a filing with Bursa Malaysia today, the company said it will apply for a waiver from being classified as an affected listed issuer, citing measures already taken to strengthen its financial position. Pestec said it had completed the listing and quotation of 231.79 million restricted shares on the Main Market on June 13 at an issue price of 12 sen each, which increased its share capital from RM392.94 million to RM420.76 million. Pestec said it initiated a pre-packaged scheme of arrangement under Section 369C of the Companies Act 2016, which was approved by scheme creditors on Jan 15 and subsequently sanctioned by the Kuala Lumpur High Court on April 28. The scheme was lodged with the Companies Commission on May 26. A day later, Pestec made a single payment of RM65 million to scheme creditors and secured a debt waiver of RM202 million. "The company has already taken measures to regularise its financial condition," Pestec said, adding that further announcements will be made in line with the bourse's requirements.
The Star
2 days ago
- Business
- The Star
Pestec trading halted as it triggers PN17 listing requirements
KUALA LUMPUR: Trading of Pestec International Bhd's securities was halted for an hour from 3.01 pm today after it triggered PN17 listing requirements. This was due to its shareholders' equity falling below 50 per cent of issued share capital, calculated based on the audited financial results of Pestech as at March 31, 2025, the company said in a filing with Bursa Malaysia today. Pestec said it would submit an application for a waiver from being classified as a PN17-affected listed issuer, citing measures already taken, such as undertaking the listing and quotation of 231.79 million restricted shares on the Main Market of Bursa Malaysia on June 13, 2025, at an issue price of RM0.12 per share. "This exercise increased the company's share capital to RM420.76 million from RM392.94 million,' it said. In addition, Pestec said it has initiated a pre-packaged scheme of arrangement under Section 369C of the Companies Act 2016, which allowed the court to approve the scheme without any meeting of the scheme's creditors. Accordingly, the company had on Jan 15, 2025, successfully obtained approval from the scheme creditors, and had on Jan 23, 2025, filed an application under section 369C of the Companies Act 2016 at the Kuala Lumpur High Court, which was approved and sanctioned on April 28, 2025 and lodged with the Companies Commission of Malaysia on May 26, 2025. Following this, the company made a single payment of RM65 million to its scheme creditors on May 27, 2025, and obtained a debt waiver totalling RM202 million. Pestech said it will continue to make the necessary announcements on further developments in compliance with Bursa Malaysia's listing requirements. - Bernama
