PRKCORP

0.445

(%)

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

PERAK CORPORATION BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
MONTHLY ANNOUNCEMENT
Description
MONTHLY ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcements dated as follows:

1.         11 February 2020 pursuant to the Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad;
2.         17 October 2019 in relation to the default in payment to AFFIN Hwang Investment Bank Berhad;
3.         11 February 2020 in relation to the default in payment to Affin Islamic Bank Berhad; and
4.         28 February 2020 in relation to the cross default in payment to CIMB Bank Berhad.


With reference to the Company’s announcements made on the following dates:

1.         11 February 2020, 2 March 2020, 1 April 2020 and 4 May 2020 in relation to the Company being classified as a PN17 Company pursuant to PN17 of the Listing Requirements of Bursa Malaysia;
2.         17 October 2019, 18 November 2019, 18 December 2019, 17 January 2020, 28 January 2020, 11 February 2020, and 10 March 2020 in relation to the default in payment of the syndicated term loan facility to the lenders by ATP;
3.         11 February 2020, 12 February 2020, 10 March 2020 and 14 April 2020 in relation to the default in payment of the Musharakah Mutanaqisah Term Financing-i and Tawarruq Revolving Credit-i to AIBB by PCB; and
4.         28 February 2020, 2 March 2020, 10 March 2020, 31 March 2020, 2 April 2020 and 14 April 2020 in relation to the cross default in payment of the Revolving Credit to CIMB by PCB,

on behalf of the Board of Directors of the Company, we wish to inform that the Company is in the midst of developing the regularisation plan to regularise its financial condition and settling of the default in payment.  Accordingly, pursuant to paragraph 4.1(b) of the PN17, the Board is unable to determine at this juncture whether the regularisation plan will result in a significant change in the business direction or policy of the Company.

Pursuant to the directive dated 26 March 2020 issued by Bursa Malaysia in relation to the extension of time for the submission of the regularisation plan, the Company has approximately twenty (20) months to submit its regularisation plan to the relevant authorities for approval.

This announcement is dated 1 June 2020.






Announcement Info

Company Name PERAK CORPORATION BERHAD
Stock Name PRKCORP
Date Announced 01 Jun 2020
Category General Announcement for PLC
Reference Number GA1-01062020-00113