More PN4 companies submit regularisation proposals
The Securities Commission today announced that 20 additional specified PN4 companies have submitted their regularisation proposals to the relevant authorities in the last two months up to 1 October 2002. Fifteen of these were made in August while five were made in September.
“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.
Based on these latest figures, there has been an increase in the number of regularisation proposals submitted. At the same time, the number of specified PN4 companies that have yet to submit their regularisation proposals has fallen to 28, from 48 based on the last update on 31 July 2002 (see Table 1).
A list of these 28 companies, classified as Stage 1 (pending requisite announcement) and Stage 2 (pending submission to authorities), based on announcements by PN4 companies to the Kuala Lumpur Stock Exchange (KLSE), is available here.
Under Practice Note 4/2001 issued by the KLSE, PN4 companies are given up to four months from the date of their submissions to the authorities to obtain the necessary regulatory approvals. On this basis, PN4 companies that are subjected to the 31 December 2002 deadline should have made their submissions on or before 31 August 2002 to obtain the approvals in time.
Submissions made after 31 August 2002 would still be received and considered by the SC and other relevant authorities. However, the specified PN4 companies making such submissions may face the risk of their submissions not being approved in time by all relevant authorities to meet the year-end deadline as set by KLSE.
Status of Regularisation Proposals by Specified PN4 Companies
|As at |
|As at 31.8.2002||As at 31.8.2002|
|Specified PN4 companies that have not submitted regularisation proposals to SC and relevant authorities:|
|Total number of specified PN4 companies|
3 October 2002
LIST OF PN4 COMPANIES SUBJECTED TO THE YEAR-END DEADLINE UNDER STAGE 1 AND STAGE 2 OF KLSE’S PRACTICE NOTE 4/2001 AS AT 1 OCTOBER 2002
Stage 1 (Requisite Announcement Due But Pending)
|1.||Actacorp Holdings Bhd||1.||Geahin Engineering Bhd|
|2.||Aokam Perdana Bhd||2.||Jutajaya Holdings Bhd|
|3.||Kemayan Corporation Bhd||3.||Long Huat Group Bhd|
|4.||Mancon Bhd||4.||Nauticalink Bhd|
|5.||Mentiga Corporation Bhd||5.||Pancaran Ikrab Bhd|
|6.||Pan Pacific Asia Bhd||6.||Southern Plastic Holdings Bhd|
|7.||Parit Perak Holdings Bhd||7.||Seng Hup Corporation Bhd|
|8.||Promet Bhd||8.||Timbermaster Industries Bhd|
|9.||Rekapacific Bhd||9.||United Chemical Industries Bhd|
|10.||Sateras Resources (M) Bhd||10.||Zaitun Bhd|
|11.||Tai Wah Garments Manufacturing Bhd|
|12.||Tongkah Holdings Bhd|
Stage 2 (Pending Submission of Regularisation Proposal)
|1.||Omega Holdings Bhd||1.||Autoways Holdings Bhd|
|2.||Wembley Industries Holdings Bhd||2.||Esprit Group Bhd|
|3.||Wing Tiek Holdings Bhd||3.||Hotline Furniture Bhd|