This article first appeared in The Edge Financial Daily on January 18, 2018 - January 24, 2018

KUALA LUMPUR: Vehicle-tracking solutions provider Parlo Bhd is no longer classified as a Guidance Note 3 (GN3) company as it has managed to regularise its operations.

“With the completion of the company’s regularisation plan, Parlo has regularised its financial condition and level of operations and no longer triggers any of the criteria under Paragraph 2.1 of GN3 of the ACE Market Listing Requirements,” said Bursa Securities in a filing yesterday. The suspension of Parlo shares will be lifted effective today.

Along with the resumption of trading, Bursa has granted Parlo listing and quotation of an additional 354.03 million new shares issued pursuant to its regularisation plan, comprising the acquisition of its shares from several shareholders, a debt settlement agreement with a former shareholder and a private placement exercise of up to 84.01 million shares.

Parlo shares were suspended from trading on Jan 28, 2016, with the counter last traded at 0.5 sen, after the company — then known as Cybertowers Bhd — triggered the GN3 criteria in October 2013.

The company triggered Paragraph 2.1 (a) and (b), which state that the shareholders’ equity of a listed corporation must be above 25% of its issued capital and the incurring of a loss in a financial year equal to or exceeding the amount of its shareholders’ equity.