KUALA LUMPUR (Aug 16): Seacera Group Bhd will no longer be a Practice Note 17 (PN17) company from Thursday (Aug 17).

In a bourse filing, Seacera said the uplifting of the PN17 status came after the bourse regulator, in a letter on Wednesday, granted the group a waiver from having to submit a regularisation plan.

The group had applied for the upliftment in April.

Seacera, which is principally engaged in the manufacturing and trading of ceramic tiles, fell into PN17 status in April 2019 after it defaulted on a payment of principal and profits to AmBank Islamic Bhd. The group’s total facilities outstanding with AmBank were RM22.15 million at the time.

For the nine months ended June 30, 2023, Seacera's net profit rose 19.52% to RM5.31 million, from RM4.44 million a year before, despite revenue declining by 27.81% to RM39.68 million from RM55.22 million.

Shares in Seacera closed unchanged at 20.5 sen, giving the group a market capitalisation of RM128 million.