Top Builders appoints Mercury Securities as adviser for PN17 regularisation plan
PETALING JAYA: Top Builders Capital Bhd appointed Mercury Securities Sdn Bhd yesterday as its principal adviser relating to the company’s Practice Note 17 (PN17) regularisation plan.
The piling and engineering company had failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended timeframe of June 29 this year.
Its application for a further extension of time until Dec 29 this year to submit its regularisation plan had also been rejected by Bursa Securities.
“The company will make the necessary announcement(s) in regard to the development on the matter accordingly,” Top Builders said in a filing with Bursa Malaysia today.
Trading in Top Builders’ shares will be suspended with effect from tomorrow, and its securities de-listed on Aug 8 unless an appeal against the de-listing is submitted to Bursa Securities by today.
Apart from announcing Mercury Securities’ appointment as its adviser, Top Builders’ filing did not indicate if it will submit an appeal against its de-listing by today’s deadline.
If an appeal is submitted, the de-listing will be deferred pending the decision on the company’s appeal, according to a filing on July 27.
The group had fallen into PN17 status in January 2022 when its external auditor KPMG expressed doubts in the company’s ability to continue as a going concern as its current liabilities exceeded its current assets by RM21.6 million.
At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.
At 4.20pm, Top Builders’ shares fell 0.5 sen or 50% to 0.5 sen, valuing the company at just RM7.1 million.
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