KUALA LUMPUR (May 7): Practice Note 17 (PN17) company Reneuco Bhd (KL:RENEUCO) will be delisted from the Main Market of Bursa Malaysia on May 12 after the regulator dismissed its appeal for more time to submit a regularisation plan.
Bursa Malaysia Securities announced the decision in a filing on Thursday.
The local bourse had on April 6 rejected Reneuco’s request for an extension to submit its regularisation plan, and said trading in the company’s securities would be suspended from April 14 unless an appeal was lodged.
Reneuco submitted its appeal on April 13 — the same day its principal adviser for the regularisation plan, TA Securities Holdings Bhd, withdrew from the role with immediate effect.
Reneuco slipped into PN17 status in February 2024 after its auditors were unable to obtain sufficient evidence to support an audit opinion on its financial statements, particularly concerning trade receivables and payables, as well as revenue and cost of sales.
The group, involved in engineering, procurement, construction and commissioning (EPCC) of energy utilities and infrastructure projects, as well as property development, was previously known as Kumpulan Powernet Bhd before changing name to KPower Bhd in December 2020 and adopted its current name in September 2022.
It has also faced regulatory action in recent months. On Jan 9, Bursa issued a public reprimand against the company and five directors for failing to release its 2023 annual report on time, breaching disclosure requirements.
On Jan 21, its solar power purchase agreement with Tenaga Nasional Bhd (KL:TENAGA) was terminated, resulting in a RM45 million liability charge.
As at end-December 2025, Reneuco had cash of RM9.54 million against total borrowings of RM291.05 million. Its accumulated losses stood at RM152.4 million, with net assets of 10 sen per share.
Reneuco executive chairman Datuk Mustakim Mat Nun is the group's largest shareholder, holding a 0.08% direct stake and a 16.68% indirect interest via OHP Ventures Sdn Bhd.
Reneuco’s share price was last traded at half a sen, giving it a market capitalisation of RM5.7 million.