Sunday 14 Jul 2024
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KUALA LUMPUR (May 30): Oil and gas service provider Propel Global Bhd, which took over the listing status of troubled Daya Materials Bhd last year, will no longer be classified as a Practice Note 17 (PN17) company from Wednesday (May 31).

In a filing with Bursa Malaysia on Tuesday, Propel said that after the completion of the implementation of its regularisation plan in October 2022, it had regularised its financial condition and level of operations, and no longer triggers any of the criteria under PN17 of Bursa's Main Market listing requirements.

"After due consideration of all facts and circumstances of the matter, Bursa Securities has decided to approve the company's application for an upliftment from being classified as a PN17 company," it added.

Propel applied for the uplifting of the PN17 status on Feb 23.

On May 2, Propel announced that it returned to the black in the third financial quarter ended March 31, 2023 (3QFY2023), with a net profit of RM831,000, compared to a net loss of RM6.9 million a year earlier. Revenue rose 12.3% to RM24.7 million for 3QFY2023, from RM22 million a year ago, with the expansion of its range of services.

For the cumulative nine-month period (9MFY2023), the group posted a net profit of RM6.2 million, compared to a net loss of RM13.1 million previously. Revenue grew 14.3% to RM67.4 million, from RM59 million for 9MFY2022.

In March 2018, loss-making Daya Materials fell into PN17 status after its shareholder equity fell below 25% of its issued capital as at Dec 31, 2017. Propel took over the listing status of Daya Materials in April last year.

Propel shares closed unchanged at 21 sen on Tuesday, giving it a market capitalisation of RM126.91 million.

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