KUALA LUMPUR (Sept 1): ML Global Bhd said it will make an application to Bursa Securities to lift itself from Practice Note 17 (PN17) status immediately after the company records two consecutive quarters of net profit.

This follows the completion of the implementation of the regularisation plan, which it had completed on Oct 31 last year.

"Further announcement on the development of the matter (PN17 upliftment) will be made to Bursa Securities in due course," it said in a filing with Bursa Malaysia today.

The company has reported its third consecutive quarter of net profit since the three months ended Dec 31, 2014 (4QFY14). It posted a net profit of RM642,000 in 2QFY15, reversing a net loss of RM2.09 million a year ago.

The company was classified as a PN17 company in February 2012 after its shareholders' equity fell to less than 25% of its paid-up share capital.

Shares of ML Global (fundamental: 0.85; valuation: 0.5) closed up 12.31% at 31 sen today, bringing a market capitalisation of RM32.72 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)