Destini to be lifted from PN17 tomorrow

Destini to be lifted from PN17 tomorrow
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 22 April 2013 18:23


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KUALA LUMPUR (April 22): Destini Bhd will be lifted from its Practice Note 17 (PN17) status tomorrow (April 23).

In a statement to Bursa Malaysia today, Destini which offers maintenance, repair and overhaul services for the aviation and maritime sectors, said the exchange operator has approved the company's application for an upliftment from its PN17 status.

"The company will be uplifted from being classified as a PN17 company effective 23 April 2013," said Destini which was formerly known as SATANG HOLDINGS BHD [].

"With the completion of the regularisation plan, the company has regularised its financial condition and no longer triggers any of the criteria under Paragraph 2.1 ofPN1 of the Main Market Listing Requirements," Destini said

Destini which became PN17 entity since May 2008 had undertaken a regularisation scheme to rejuvenate its financials.

The scheme which included a capital reduction and rights issue was completed in September 2012.

Destini has indicated it would apply to Bursa Malaysia for the uplift of the former from its PN17 status. This comes with the condition that Destini registers a net profit for two consecutive quarters immediately after the completion and implementation of the restructuring scheme.