30 specified PN4 companies have not submitted regularisation proposals
Thirty out of the 82 specified PN4 companies have yet to submit their regularisation proposals to the regulatory authorities for approval, based on announcements by these companies to the Kuala Lumpur Stock Exchange as at 31 October 2002.
The Securities Commission (SC) Chairman, Datuk Ali Abdul Kadir, said although specified PN4 companies could still submit their regularisation proposals to the SC and other relevant authorities, the proposals may not be approved in time to meet the Kuala Lumpur Stock Exchange’s (KLSE) year-end deadline.
“Specified PN4 companies” are listed companies that are classified under the Kuala Lumpur Stock Exchange Practice Note 4/2001 on or before 31 December 2001 and are required to obtain approvals of all relevant authorities for their regularisation proposals by 31 December 2002.
Datuk Ali said there has been an increase in the number of specified PN4 companies that have not made their submissions to the authorities, compared with the last update on 1 October 2002 (see Table 1). This is due to several specified PN4 companies aborting their proposals, which were submitted earlier and, in some cases, approved.
Status of Regularisation Proposals by Specified PN4 Companies
As at 31.10.2002
As at 1.10.2002
|Specified PN4 companies that have submitted regularisation proposals to SC and relevant authorities:|
|Proposals approved and implemented|
|Proposals approved and pending implementation|
|Proposals pending approval|
|Specified PN4 companies that have not submitted regularisation proposals to SC and relevant authorities|
|Total number of specified PN4 companies|
PN4 companies that abort their submitted or approved proposals would automatically revert to either Stage 1 (pending requisite announcement) or Stage 2 (pending submission to authorities) of the PN4 category.
A list of the 30 specified PN4 companies, classified as Stage 1 and Stage 2, based on announcements by PN4 companies to KLSE, is available on the SC website. Trading of the shares of these companies have already been suspended or are under restriction. Details are available on the KLSE website at http://www.klse.com.my/.
Note to the Editor
|1)||“PN4 companies” are affected listed companies that fail to meet the financial conditions for continued trading and listing on KLSE. In this context, the provisions of KLSE’s Practice Note 4/2001 (PN4) which became effective on 15 February 2001 are intended to ensure that affected listed companies take expeditious steps to regularise their financial conditions within the stipulate time frame. PN4 also aims to protect the interests of investors by ensuring that sufficient information disclosures are made on the progress of the restructuring plans of affected listed companies. Listed companies that became PN4 companies on or before 31 December 2001 were given an extended deadline until the end of 2002 to obtain approvals of all relevant authorities for their regularisation proposals while those companies that are classified as PN4 companies after 31 December 2001 have up to 12 months to do so (or such other extended period as permitted by the KLSE), from the date they were classified as PN4 companies.|
The status of all PN4 companies, as at 31.10.2002 is as follows:
Stage 1 (requisite announcement due but pending)based on announcements to the KLSE as at 31 October 2002
|Main Board||Second Board|
|1.||Actacorp Holdings Berhad||1.||Bescorp Industries Berhad|
|2.||Aokam Perdana Berhad||2.||Geahin Engineering Berhad|
|3.||Mancon Berhad||3.||L & M Corporation|
|4.||Mentiga Corporation Berhad||4.||Long Huat Group Berhad|
|5.||Pan Pacific Asia Berhad||5.||Jutajaya Holdings Berhad|
|6.||Parit Perak Holdings Berhad||6.||Nauticalink Berhad|
|7.||Promet Berhad||7.||SCK Group Berhad|
|8.||Rekapacific Berhad||8.||Southern Plastic Holdings Berhad|
|9.||Sateras Resources (M) Berhad||9.||Timbermaster Industries Berhad|
|10.||Tai Wah Garments Manufacturing Berhad||10.||United Chemical Industries Berhad|
|Main Board||Second Board|
|1.||Kemayan Corporation Berhad||1.||Autoways Holdings Berhad|
|2.||Omega Holdings Berhad||2.||Esprit Group Berhad|
|3.||Tongkah Holdings Berhad||3.||Hotline Furniture Berhad|
|4.||Pancaran Ikrab Berhad|
|5.||Seng Hup Corporation Berhad|
|6.||UCP Resources Berhad|
6 November 2002