KHEE SAN BHD
KLSE (MYR): KHEESAN (6203)
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Ride The Bull Short The Bear
CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
maimunah
108 posts
Posted by maimunah > 2020-08-06 11:12 | Report Abuse
Bursa may give more time to firms to submit PN17/GN3 regularisation plan
KUALA LUMPUR (Aug 6): Bursa Malaysia Bhd will consider granting a further extension of time for companies, which triggered the criteria of Practice Note 17 (PN17) and Guidance Note 3 (GN3) from Jan 2, 2019 to Dec 31, 2020, to enable them to submit their regularisation plans to the Securities Commission (SC) or the exchange after the 24-month grace period.
Nevertheless, this would only be done on a case-by-case basis and based on the requirements made by the companies to Bursa Malaysia.
The local stock exchange operator said it is cognisant that the COVID-19 pandemic would have a material impact on the efforts and ability of PN17/GN3 companies to regularise their financial condition.
"As such, we have introduced a relief measure on March 26, 2020, whereby companies that trigger any of the criteria of PN17/GN3, between Jan 2, 2019 and Dec 31,2020, are accorded a longer period of 24 months, instead of the existing 12 months, to submit their regularisation plans to the SC or the exchange.
"The exchange will consider granting a further extension of time (more than 24 months) if required on a case-by-case basis, taking into account the justifications and material developments at that point of time," Bursa Malaysia told Bernama in an email interview recently.
Meanwhile, additional relief measures were also announced on April 16, 2020, whereby Bursa Malaysia said companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 or GN3 company for 12 months.
This aims to provide a greater flexibility to the affected listed companies to focus on sustaining their businesses and operations and regularise their financial condition thereon.
"After the 12-month period, the affected listed companies will be required to re-assess their condition to see if it continues to trigger any of the criteria of PN17 or GN3.
"If it continues to trigger any of the said criteria, then they will be classified as PN17 or GN3 and will be required to comply with the obligations," it said.
PN17 classification involves financially distressed companies that are listed on Bursa Malaysia's Main Market, while GN3 status refers to distressed companies that are listed on the ACE Market.