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Lion Corp unsure PN17 scheme may lead to biz direction change

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Lion Corp unsure PN17 scheme may lead to biz direction change Empty Lion Corp unsure PN17 scheme may lead to biz direction change

Post by Cals Fri 24 Jan 2014, 19:32

Lion Corp unsure PN17 scheme may lead to biz direction change
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Friday, 24 January 2014 18:13

KUALA LUMPUR (Jan 24): Lion Corp Bhd is unsure if its Practice Note 17 (PN17) proposed regularisation scheme would lead to a major change in its business direction.

In a statement to the exchange today, Lion Corp which manufacturers steel products and develop properties, said it is still deliberating over the scheme.

"The board of directors of the company hereby announces that the company is still looking into formulating a plan to regularise its financial condition (regularisation plan).

"Pursuant to Paragraph 4.1(b) of PN17, the board at this stage cannot determine if the regularisation plan will result in a significant change of business direction or policy of the company," Lion Corp said.

According to the firm, it has up to October 25 this year to submit its regularisation plan to the authorities.
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