INTRODUCTION
Reference is made to our announcement made on 30 September 2021 in relation to Bursa Malaysia Securities Berhad (“Bursa Securities”) PN17 Relief Measures as a result of Marine & General Berhad ("M&G" or "the Company") triggering Suspended Criteria but not classified as a PN17 Listed Issuer.
On 30 September 2021, M&G announced that it has triggered the following Prescribed Criteria of paragraph 2.1(a) and 2.1(e) of Practice Note 17 ("PN17") pursuant to paragraph 8.04(2) of the Main Market Listing Requirements (“MMLR”) of Bursa Securities:-
- The shareholders’ equity of M&G on a consolidated basis is 25% or less of its share capital and such shareholders’ equity is less than RM40 million based on the unaudited interim financial results of M&G for the quarter ended 31 July 2021; and
- The auditors highlighted a material uncertainty related to going concern in the audited financial statements for the financial year ended 30 April 2021 and the shareholders’ equity on a consolidated basis is 50% or less of its share capital.
BURSA SECURITIES' RELIEF MEASURES
Bursa Securities had via its letter dated 16 June 2021 granted the affected listed issuers relief from complying with the obligations under Paragraph 8.04 and PN17 of the MMLR (“PN17 Relief Measures”). The PN17 Relief Measures are available to a listed issuer that triggers any one of the criteria under PN17 of the MMLR (“PN17 Suspended Criteria”) between 1 July 2021 and 31 December 2021 (both dates inclusive) (“Relief Period”).
Under the PN17 Relief Measures, the listed issuer:-
- will not be classified as a PN17 affected listed issuer and has been accorded relief from complying with the obligations under paragraph 8.04 and PN17 of the MMLR for a period of 18 months from the date of triggering the PN17 Suspended Criteria;
- must immediately announce that it triggers the PN17 Suspended Criteria and the relief provided ("PN17 Relief Announcement"); and
- must, upon the expiry of 18 months from the PN17 Relief Announcement, reassess its condition and announce whether it continues to trigger any of the criteria in PN17 of the MMLR (“PN17 Subsequent Announcement”).
Pursuant to the PN17 Relief Measures, the Board of Directors of Marine & General Berhad (“M&G” or “the Company”) wishes to update that, based on the unaudited management accounts of M&G as at 28 February 2023, the shareholders’ equity has increased from RM34.2 million as at 31 July 2021 to RM45.4 million. Although the ratio of the shareholders’ equity to share capital on a consolidated basis as at that date is 18.8%, the amount of the shareholders’ equity has exceeded the minimum threshold of RM40 million.
In addition, the latest audited financial statements of M&G for the year ended 30 April 2022 was not subject to any material uncertainty related to going concern.
In view of the above, M&G no longer triggers the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of the MMLR of Bursa Securities and will not be classified as a PN17 listed issuer.
Please refer to the attachment of this announcement for details of the unaudited statement of financial position of M&G Group as at 28 February 2023.
This announcement is dated 30 March 2023.