CEO Morning Brief

Alam Maritim, KNM Latest Additions to Bursa Malaysia's PN17 Companies List

Publish date: Tue, 01 Nov 2022, 10:24 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 1): A total of 28 companies are currently under the Practice Note 17 (PN17) and Guidance Note 3 (GN3) lists, which represent 2.98% of the total number of 941 companies listed on the Main and ACE Markets of Bursa Securities, as at Nov 1.

In a statement on Tuesday (Nov 1), Bursa Malaysia said Alam Maritim Resources Bhd and KNM Group Bhd are the newest additions to the list of companies under PN17.

The bourse regulator said Alam Maritim has triggered the criteria pursuant to Paragraph 2.1(d) of PN17 of the Main Market Listing Requirements (MMLR) of Bursa Securities, whereas KNM has triggered the criteria pursuant to Paragraph 2.1(e) of PN17 of the MMLR.

“Bursa Securities would like to emphasise that it will continue to monitor the progress of Alam Maritim and KNM in respect of [their] compliance with the Main Market Listing Requirements,” it added.

Other notable companies under Bursa’s PN17 list include AirAsia X Bhd, Capital A Bhd (formerly known as AirAsia Group Bhd), Sapura Energy Bhd and Serba Energy Bhd.

Meanwhile, G Neptune Bhd is the sole company listed under Bursa’s GN3 companies to-date.

Alam Maritim is deemed a PN17 issuer after its external auditor expressed a disclaimer of opinion in the group's audited accounts announced on Monday (Oct 31).

Baker Tilly Monteiro Heng PLT expressed the disclaimer of opinion in Alam Maritim's audited financial statements for the financial period from Jan 1, 2021 to June 30, 2022

Alam Maritim said it is taking the necessary steps to address the PN17 status, and has worked on its proposed debt restructuring with creditor banks under the auspices of Bank Negara Malaysia's Corporate Debt Restructuring Committee (CDRC).

Similarly on the same day, KNM had become an affected listed issuer under PN17 on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct 31.

KNM said its auditor had highlighted a material uncertainty over its ability to continue as a going concern.

Alam Maritim is an offshore services provider mainly involved in the provision of marine transportation support services, marine construction-related services, sub-sea engineering and offshore pipeline installation.

Alam Maritim is also involved in designing, manufacturing and operating of remotely operated vehicle (ROV) services, ship repair and maintenance services for the upstream segment of the oil and gas industry, according to its official website.

Listed on the Main Board since July 20, 2006, Alam Maritim owns and operates 38 offshore support vessels (OSVs), making it among the largest owner of Malaysian-flagged OSVs in terms of tonnage in the country.

KNM meanwhile, is a diversified multinational group with core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries, according to its official website.

KNM, which was listed on Bursa Malaysia since August 2003, has also embarked into the renewable energy sector as a project owner and developer, as a strategic investment with a view on developing recurring income and sustainable growth in the long term.

Source: TheEdge - 1 Nov 2022

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