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;
4. 28 February 2020 in relation to the cross default in payment to CIMB Bank Berhad; and
5. 27 July 2020 in relation to the decision of the High Court of Ipoh.
With reference to the Company’s announcements made on the following dates:
1. 11 February 2020, 2 March 2020, 1 April 2020, 4 May 2020, 1 June 2020, 1 July 2020, 3 August 2020, 1 September 2020 and 1 October 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;
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; and
5. 27 July 2020, 3 August 2020 and 19 October 2020 in relation to the decision of the High Court of Ipoh granting the Company and PCBD to convene the Creditors’ Meeting,
on behalf of the Board of Directors of the Company, we wish to inform that M&A Securities Sdn Bhd, as the Principal Advisor, is in the midst of assisting the Company in formulating the regularisation plan to address the Company’s financial condition.
On 19 October 2020, the Company announced that the High Court has granted the Company and PCB Development Sdn Bhd an extension of the Restraining Order pursuant to Section 368 of the Companies Act 2016 for a period of ninety (90) days from 19 October 2020 (“Extended RO”).
The Extended RO is a positive development for the Company to work towards formulating a successful and comprehensive regularisation plan to resolve its financial position.
Further details will be announced as and when there are material developments on its proposed regularisation plan.
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 fifteen (15) months to submit its regularisation plan to the relevant authorities for approval.
This announcement is dated 2 November 2020.