KUALA LUMPUR (Feb 19): Marine transportation and offshore storage company EA Technique (M) Bhd (KL:EATECH) is to be rid of its Practice Note 17 (PN17) status, effective from Thursday, Feb 20.

EA Technique, which will trade under its new name of Avangaad Bhd next Monday, said in a filing that Bursa Malaysia Securities had approved its application for the upliftment of its PN17 status after the company regularised its financial condition.

The company fell into PN17 status in February 2022, after its shareholders’ equity of RM5.96 million as at end-December 2021 was noted to be less than 50% of its share capital of RM179.76 million.

EA Technique’s application to remove its PN17 status followed the completion of the company's latest quarter. The fourth quarter ended Dec 31, 2024, which saw the company posting a net profit of RM25.17 million on revenue of RM29.3 million, was the final quarter required to proceed with the application.

Meanwhile, the company’s regularisation plan was completed in 2024. It involved the issuance of 795.75 million new shares to Voultier Sdn Bhd for RM79.6 million, resulting in the white knight emerging as EA Technique’s largest shareholder with a 51% stake.

Proceeds were earmarked for its financial obligations and working capital.

Also attached to the regularisation plan was exempting Voultier from its obligation to make a mandatory takeover offer. Voultier is 70% owned by Datuk Mubarak Hussain Akhtar Husin and 30% by Datuk Lai Keng Onn, the executive deputy chairman cum group managing director of Kinergy Advancement Bhd (KL:KAB).

Shares in EA Technique ended one sen or 2.9% higher at 35.5 sen on Wednesday, valuing the company at RM463.46 million.

Read also:
EA Technique’s net profit up over sevenfold in 4Q, applies to exit PN17