KUALA LUMPUR (Aug 20): TXCD Bhd (KL:TXCD), formerly known as Ageson Bhd, has been granted another six-month extension until Feb 7, 2027 to submit its revised regularisation plan to Bursa Securities.
The Practice Note 17 (PN17) company said in an Aug 7 filing that it had voluntarily withdrawn its earlier regularisation plan, submitted on April 1, after receiving feedback from the relevant authorities.
The authorities had indicated that TXCD’s proposed transfer of its listing status to newly incorporated dormant company RCV Bhd, together with the introduction of its construction arm Ageson Kensetsu Sdn Bhd (AKSB) as a subsidiary of RCV, would constitute a significant change in the company’s business direction or policy under the Securities Commission Malaysia’s equity guidelines.
TXCD said it will therefore formulate a revised regularisation plan, taking into account the relevant requirements under the equity guidelines.
The group had previously said the restructuring was aimed at separating its construction business from the legacy assets and liabilities that resulted in its PN17 classification, allowing the group to focus on its construction operations through AKSB.
TXCD was classified as a PN17 company on Oct 31, 2023, after its then external auditor, Jamal, Amin & Partners, issued a disclaimer of opinion on its audited financial statements for the 18-month period ended Dec 31, 2022.
The company subsequently triggered another PN17 criterion after its shareholders’ equity fell to RM2.38 million as at Sept 30, 2024, representing just 0.98% of its share capital, while accumulated losses widened to RM279.5 million.
Its subsequent external auditor, LTTH PLT, also issued a disclaimer of opinion on TXCD’s audited accounts for the 18-month period ended June 30, 2024.
TXCD shares rose 0.5 sen or 3.57% to close at 14.5 sen on Thursday, valuing the group at RM45.19 million. The stock has gained 61.11% so far this year.