We refer to our first announcement dated 26 November 2013 and the monthly announcements in relation to the default in payment thereafter.

The Company had on 15 July 2015 announced its proposed regularisation plan and had on 24 March 2016 announced that it had entered into a supplemental agreement in relation to the proposed regularisation plan. On 14 November 2016, Bursa Securities approved the Company’s application for an extension of time up to 30 March 2017 to submit its regularisation plan. Subsequently on 8 February 2017, the Company announced that the proposed regularisation scheme detailed in the requisite announcement on 15 July 2015 and 24 March 2016 have been aborted following the lapsed of the agreements with the potential investor. 

Further on 20 September 2016, the Company announced that Tenaga Nasional Berhad has on 19 September 2016 served three (3) winding up petitions on the Company’s wholly-owned subsidiary, Perwaja Steel Sdn Bhd. The hearing of the winding up petitions was adjourned to 15 May 2017.

Save as disclosed above, there is no major development on the status of default in payment of principal and interests accrued as at the date of this announcement.

This announcement is dated 27 February 2017.