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OTHERS MARINE & GENERAL BERHAD - PN 17 SUBSEQUENT ANNOUNCEMENT

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
MARINE & GENERAL BERHAD
- PN 17 SUBSEQUENT ANNOUNCEMENT

1.         INTRODUCTION

 

Reference is made to our announcement on 30 September 2021 and 30 March 2023 in relation to Bursa Malaysia Securities Berhad (“Bursa Securities”) PN17 Relief Measures as a result of Marine & General Berhad triggering Suspended Criteria but not classified as a PN17 Listed Issuer.

 

On 30 September 2021, Marine & General Berhad (“M&G” or “the Company”)) announced that it had 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:-

  1. 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
  2. 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.

2.         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 M&G wishes to update that:

 

PN17 Para

PN17 Criteria

Status

2.1(a)

The shareholders’ equity of the listed issuer on a consolidated basis is 25% or less of the share capital (excluding treasury shares) of the listed issuer and such shareholders’ equity is less than RM40 million;

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 16.8%, the amount of the shareholders’ equity has exceeded the minimum threshold of RM40 million.

 

2.1(b)

Receivers or managers, or judicial managers have been appointed over the asset of the listed issuer, its subsidiary or associated company which asset accounts for at least 50% of the total assets employed of the listed issuer on a consolidated basis;

Not applicable.

 

There has been no appointment of any receivers or managers, or judicial managers over the assets or the Company or such subsidiaries.

2.1(c)

A winding up of a listed issuer’s subsidiary or associated company which accounts for at least 50% of the total assets employed of the listed issuer on a consolidated basis;

Not applicable.

 

There has been no winding up of any such subsidiary.

2.1(d)

The auditors have expressed an adverse or disclaimer opinion in the listed issuer’s latest audited financial statements;

Not applicable.

 

The latest audited financial statements for the financial year ended 30 April 2022 of M&G was not subject to adverse or disclaimer opinion from the auditors.

 

2.1(e)

The auditors have highlighted a material uncertainty related to going concern or expressed a qualification on the listed issuer’s ability to continue as a going concern in the listed issuer’s latest audited financial statements and the shareholders’ equity of the listed issuer on a consolidated basis is 50% or less of share capital (excluding treasury shares) of the listed issuer; or

Not applicable.

 

The latest audited financial statements for the financial year ended 30 April 2022 of M&G was not subject to any material uncertainty related to going concern or qualified opinion from the auditors.

2.1(f)

A default in payment by a listed issuer, its major subsidiary or major associated company, as the case may be, as announced by a listed issuer pursuant to paragraph 9.19A of the Listing Requirements and the listed issuer is unable to provide a solvency declaration to the Exchange.

Not applicable.

 

There has been no default in payment by the Company or any of its major subsidiaries.

 

In view of the above, M&G no longer triggers the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1 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 interim result for the period ended  28 February 2023 of M&G Group.

 

This announcement is dated 4 April 2023.




Please refer attachment below.



Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 04 Apr 2023
Category General Announcement for PLC
Reference Number GA1-04042023-00048




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