Sunday 04 Jun 2023
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KUALA LUMPUR (March 2): EA Technique Bhd (EATech), which could potentially see the emergence of a new shareholder, has received an extension up till Aug 24 to submit its regularisation plan to the authorities.

The marine vessel operator said it had sought the six-month extension in an application to Bursa Malaysia Securities on Feb 9.

EATech slipped into Practice Note 17 status in February 2022 as its shareholders’ equity of RM5.96 million as at Dec 31, 2021 was less than 50% of its share capital of RM179.76 million.

On Feb 21 this year, the group disclosed that it is in the midst of discussions with a party that could subscribe to its new securities, which would result in the party acquiring a controlling stake in EATech.

This came after The Edge Malaysia, in its Feb 6-12 edition, reported that businessman Tan Sri Rashid Manaf, who is one of the founders of Eco World Development Group Bhd, may take up a substantial stake in the EATech.

Rashid may be acquiring shares from Sindora Bhd, a unit of Johor Corp, which holds a 50.05% stake in the EATech.

EATech posted a net profit of RM20.04 million for the financial year ended Dec 31, 2022 (FY2022), versus a net loss of RM150.64 million in FY2021, due to lower depreciation, gain on disposal of vessels and reversal of vessel impairment.

This was despite revenue declining to RM153.64 million from RM160.56 million amid expiry of certain contracts.

Shares of EATech have risen 97.06% since the beginning of this year. They closed five sen or 1.52% higher at 33.5 sen on Thursday (March 2), valuing the group at RM177.71 million.

Edited ByS Kanagaraju
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