It has proposed a private placement of up to 270 million shares or 24.8% of its existing shares together with 215 million placement warrants. The placement shares will not priced lower than 10 sen per share.

The group has applied to Bursa Malaysia for the private placement issuance, but the stock exchange regulator has not approve its application.

It usually take about two months for Bursa Malaysia to approve the application.

The company will also apply for the upliftment of its PN17 status after announcing the group's quarter ended Dec 31, 2012 result, by the end of Feb 2012.

The group has been recording net profits for at least two consecutive quarters which enables it to apply for the upliftment of the PN17 status.