KUALA LUMPUR (Sept 17): Debt-ridden Perak Corp Bhd (KL:PRKCORP) has been given another six-month extension by Bursa Malaysia to submit its regularisation plan, with the deadline now being postponed to Feb 9, 2025.
This was in response to the company’s application for an extension of time in Aug 9, which it submitted as its previous Aug 10 submission deadline approached.
Perak State Development Corp is the largest shareholder in Perak Corp, with a 52.9% stake.
The extension is without prejudice to Bursa’s right to proceed to suspend the trading of the listed securities of the company and to delist the company in the event it fails to submit the regularisation plan to the relevant regulatory authorities on or before Feb 9, 2025.
Bursa also has the right to suspend the trading of Perak Corp’s listed securities if the group fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan within the stipulated time frame.
“Upon occurrence of any of the events, Bursa Securities shall suspend the trading of the listed securities of Perak Corp on the 6th market day after the date of notification of suspension by Bursa Securities and delist the company, subject to the company's right to appeal against the delisting,” the group said.
Perak Corp was declared a Practice Note 17 company in February 2020 as a result of a default in payment and its inability to declare solvency.
Initially, Perak Corp had two years to submit its regularisation plan by Feb 10, 2022. This has since been extended six times — first to Aug 10, 2022, then Feb 10, 2023 and Aug 9, 2023.
It was further extended to Feb 10, 2024, and then Aug 10, 2024, and more recently Feb 9, 2025.
For the first half of FY2024 ended June 30, 2024 (1HFY2024), its net profit stood at RM263,000, down 4.71% from RM276,000 a year ago, as revenue declined by 3.17% to RM77.28 million from RM79.82 million previously.
As at end-June this year, Perak Corp had deposits, bank and cash balances of RM20.74 million, compared to RM41.26 million as at the end-Dec 2023.
It had total loans and borrowings of RM119.5 million, of which RM51.3 million are due repayable on demand or within one year. Meanwhile, it has accumulated losses amounting to RM177.44 million.
Shares in Perak Corp settled 0.5 sen or 1.6% lower at 31.5 sen on Tuesday, valuing the company at RM32 million