KUALA LUMPUR (Nov 6): Debt-ridden Perak Corp Bhd, a 52.9%-owned subsidiary of the Perak State Development Corp, has been granted a further six-month extension of time until Feb 10, 2024, to submit its regularisation plan to address the company’s financial condition.

This marks the fourth time that Perak Corp has been granted an extension deadline from Bursa Securities. The original deadline on Feb 11, 2021, had been extended four times — first to Aug 10, 2022, then Feb 10, 2023, and more recently until Aug 9.

Perak Corp initially requested for an extension of time of up to 10 months until June 8, 2024, to submit its regularisation plan, however, Bursa Securities only granted a six-month extension of time.

If Perak Corp fails to submit its regularisation plans to the regulatory authorities before the stipulated dates, Bursa Malaysia will suspend its listed securities.

As part of the regularisation plan, the company had on March 31 this year entered into a master development agreement with Perbadanan Kemajuan Negeri Perak (PKNPk), its immediate holding corporation, governing the various development initiatives to be undertaken by the company and PKNPk.

Perak Corp slipped into PN17 status in February 2020, as a result of a default in payment and its inability to declare solvency.

Shares in Perak Corp finished unchanged to 29.5 sen on Monday, valuing the company at RM29.01 million.

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