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ML Global’s PN17 status to be uplifted tomorrow
by Cals Fri 11 Mar 2016, 01:31
ML Global’s PN17 status to be uplifted tomorrow
By Supriya Surendran / theedgemarkets.com | March 10, 2016 : 7:15 PM MYTKUALA LUMPUR (March 10): ML Global Bhd will be uplifted from being classified as a Practice Note 17 (PN17) company, with effect from 9 am tomorrow (March 11).
In a filing with Bursa Malaysia today, it was revealed ML Global has regularised its financial condition and level of operations, and no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the Main Market Listing Requirements.
“After due consideration of all facts and circumstances of the matter, Bursa Malaysia Securities has decided to approve the company's application for an upliftment from being classified as a PN17 company,” read the group’s announcement.
ML Global, which is principally involved in the manufacture and sale of roof tiles, was classified as a PN17 company in February 2012, after its shareholders' equity fell to less than 25% of its paid-up share capital. It then completed its regularisation plan on Oct 31, 2014.
At the closing bell today, ML Global shares were unchanged at 47.5 sen, with a market capitalisation of RM42.58 million. Its share price had appreciated by 25%, from 38 sen a year ago.
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