KHEE SAN BHD
KLSE (MYR): KHEESAN (6203)
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Six companies trigger PN17/GN3 criteria
Six companies, which accounted for 0.67 per cent of the total listed companies on Bursa Malaysia, have triggered the suspended criteria of PN17 and GN3 as at July 28, 2020.
That consisted of five Main Market listed companies and one ACE Market listed company, respectively, according to Bursa Malaysia.
"Apart from AirAsia Group Bhd, four other Main Market companies that have triggered the suspended criteria of PN17 as at April 17, 2020 were, namely Gets Global Bhd, Ikhmas Jaya Group Bhd, Khee San Bhd, and Cymao Holdings Bhd, while Bahvest Resources Bhd has triggered the suspended criteria of GN3," it said.
However, Bursa Malaysia said these companies would not be classified as PN17/GN3 companies, and would not be required to comply with the obligations under the paragraph/Rule 8.04 and PN17 or GN3 of the listing requirements for 12 months, following the relief measures announced by the exchange on April 16, 2020.
To record, Bursa Malaysia said 23 companies had been classified under PN17 and three companies under GN3 as at July 28, 2020, representing 2.89 per cent of the total companies listed on the local exchange during the period.
2020-08-06 11:13
Relief measures will uplift companies from PN17/GN3 status
Commenting on Bursa Malaysia’s relief measures, Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said they would help companies to be uplifted from the PN17/GN3 status, thus enabling them to increase the threshold for new issue of securities to facilitate and expedite fundraising.
Under one of the relief measures announced on April 16, 2020, a listed issuer can now increase the general mandate threshold for new issue of securities from the existing 10 per cent to not more than 20 per cent of the total number of issued shares.
However, Adam reckoned that should COVID-19 remain unresolved, cash preservation is one of the key steps that companies should take to be uplifted from the PN17/GN3 status.
He said it could also be done via prudent management of capital expenditure, especially in regard to expansion plans.
“We do not discount the possibility of more companies falling into such status (by year-end), especially companies that depend on the global supply chain amid the resurgence of COVID-19 cases worldwide which may prompt another series of lockdown.
“Sectors that are vulnerable include manufacturing that rely on exports and the global supply chain,” he said, while advising companies to manage their working capital more prudently and perhaps, restructure debt with financial institutions if it is over-geared.
2020-08-06 11:13
After warned london biscuits 3 years ago which ultimately gone. Est this follows the same path. ST trading play. LT ---ve.
2020-08-14 09:34
Kheesan will kheesiao again!!!!
Kheesan will kheesiao again!!!!
Kheesan will kheesiao again!!!!
Kheesan will kheesiao again!!!!
2020-08-16 17:25
Haha. Kheesan become kheesiao. Suka2 then sue, like it’s free to engage a lawyer
2020-08-27 02:55
i think its obvious khee san will head to PN17 sooner or later. Question is wether merger with mamee will hapoen or not. haha
2021-11-19 15:32
Mamee is totally out…. They went in & gave KS a final rape…. Then ran off
2021-11-19 15:55
he Board of Khee San Berhad is pleased to announce that on 21 November 2021, Khee San Marketing Sdn Bhd, a wholly owned subsidiary company had entered into a Memorandum of Understanding ("MOU") with Jannafarm Sdn Bhd (Company No. 1391006-K) with a registered office located at 201, Blok 1, Laman Seri Business Park, Persiaran Sukan Seksyen 13, 40100 Shah Alam, Selangor Darul Ehsan on a joint venture basis for the research & development, manufacture, market and sell the Black Ginger based candy.
The MOU also provides the foundation and structure for the proposed binding agreement which will be accomplished by an execution of joint venture agreement to be undertaken by both Parties. The duration of the MOU is six (6) months effective from the date of signing and may be modified and extended for a further period as may be agreed in writing by the Parties.
This announcement is dated 22 November 2021
2021-11-23 11:20
Ta Win Holdings Bhd’s managing director Datuk Seri Ngu Tieng Ung has emerged as Khee San Bhd’s largest substantial shareholder. This came after Khee San director Datuk Mohamad Razali Mohamad Rahim ceased to be the candy maker’s major shareholder on Thursday, having offloaded all 22.8 million shares, or a 16.667% stake, by way of a direct business transaction at 13 sen apiece, or RM2.97 million in total. Ngu bought that block of shares through Timur Enterprise Sdn Bhd, raising his stake in Khee San to 16.754%. This makes Ngu the single largest shareholder of Khee San, while founder of security seal manufacturer Mega Fortris Malaysia Sdn Bhd, Datuk Dr Ng Meng Kee, holds a 12.42% stake.
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Will KheeSan become another high NOSH penny stock like TA WIN via share issuance to RI, PP, ESOS and asset acquisition from friendly parties?
Current NOSH = 137,280,000 (for future reference)
2023-02-10 09:38
hmm, datuk ng meng kee is out. i guess he needs to focus on his own company ipo. balik balik, still say the regularisation plan is pending bursa approval.... when will bursa approve it?
2024-05-09 23:04
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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.
2020-08-06 11:12