KUALA LUMPUR (April 13): ACE Market-listed SMTrack Bhd (KL:SMTRACK) has triggered Guidance Note 3 (GN3) status, due to its losses as well as a decline in shareholders’ equity.

The company's bourse filing on Monday noted that its aggregated losses for the 18 months ended Dec 31, 2024 (18MFY2024) and 18 months ended June 30, 2023 (18MFY2023) totalled RM46.76 million and exceeded shareholders' equity of RM45.73 million as at end-December 2024, triggering Rule 2.1(c)(i) of GN3.

Triggering Rule 2.1(c)(ii), the 18MFY2024 net loss of RM30.95 million was 50% higher than the RM15.81 million in 18MFY2023.

Further, shareholders’ equity of RM45.73 million was less than 50% of its share capital of RM114.86 million at end-December 2024, triggering Rule 2.1(c)(iii).

SMTrack said it will submit an application for a waiver from being classified as an affected listed issuer to Bursa Securities, as the company noted it is already taking measures to improve its performance.

“In that connection, the board is confident that the financial performance of the group can be stabilised moving forward,” it added.

SMTrack has been in the red since it was listed in 2011. It has shifted its financial year-end several times. It most recently changed its financial year-end to end-June from end-December in November last year.

For the 12 months ended Dec 31, 2025, SMTrack’s net loss narrowed to RM728,000 from RM28.74 million in the previous year. Revenue shrank to RM2.99 million from RM32 million.

Shares in SMTrack were untraded on Monday. The counter was last traded on April 10, when it closed at one sen, valuing the company at RM13.21 million.