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OTHERS PEKAT GROUP BERHAD - MONEYLENDER LICENSE

PEKAT GROUP BERHAD

Type Announcement
Subject OTHERS
Description
PEKAT GROUP BERHAD - MONEYLENDER LICENSE

We refer to our announcement made on 5 September 2022 pertaining to Moneylender License ("the License"). 

The Board of Directors ("the Board") of Pekat Group Berhad ("Pekat" or "the Company") wishes to announce that Solaroo RE Sdn Bhd ("SRSB"), a wholly-owned subsidiary of Pekat Teknologi Sdn Bhd, which in turn is a wholly-owned subsidiary of the Company, has decided to surrender the License granted by the Ministry of Housing and Local Government, now known as Ministry of Local Government Development ("the Ministry"), as the Board is of the view that the business of moneylending services is no longer feasible due to the change in the group's business strategy. 

The Company has on 8 March 2023 received a letter dated 30 January 2023 from the Ministry to take note of the surrender of the License. In relation thereto, the License has been revoked by the Ministry with effect from 1 February 2023 pursuant to Section 9F(4) of the Moneylenders Act 1951 (Act 400) and the Moneylenders (Control and Licensing) Regulations 2003. 

There is no operational and financial impact on the Group as SRSB has not commenced its money lending business since being granted the License on 26 August 2022. 

This announcement is dated 8 March 2023.

 






Announcement Info

Company Name PEKAT GROUP BERHAD
Stock Name PEKAT
Date Announced 08 Mar 2023
Category General Announcement for PLC
Reference Number GA1-12012023-00074



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