KUALA LUMPUR (April 13): Practice Note 17 (PN17) company Perak Corp Bhd has been granted a further six-month extension of time until Aug 9 from Bursa Securities to submit its regularisation plan to address the company’s financial condition.

Perak Corp was previously granted an extension of time to submit the regularisation plan until Aug 10, 2022, and more recently another extension until Feb 10 this year.

In a bourse filing on Thursday (April 13), Perak Corp said Bursa will proceed to suspend the trading of the listed securities and delist the company in the event that it fails to submit the regularisation plan to the relevant regulatory authorities on or before Aug 9.

As part of the regularisation plan, the company had on March 31 entered into a master development agreement with Perbadanan Kemajuan Negeri Perak (PKNPk), its immediate holding corporation, governing the various development initiatives to be undertaken by the company and PKNPk.

Perak Corp slipped into PN17 status in February 2020, as a result of a default in payment and its inability to declare solvency.

For the financial year ended Dec 31, 2022, the company managed to post a net profit of RM13.01 million compared with a net loss of RM12.63 million in the previous year, despite revenue falling 39.2% to RM149 million from RM245.24 million.

As at end-December 2022, its total loans and borrowings amounted to RM129 million, down from RM183.2 million in 2021, constituting about 46.6% of the total liabilities of the group. Of the total loans and borrowings, RM73.4 million are due within one year.

Perak Corp shares were untraded on Thursday. It last closed at 30 sen, giving the company a market capitalisation of RM30 million.