PETALING JAYA: Epicon Bhd, previously referred to as Konsortium Transnasional Bhd, can be uplifted from its Practice Note 17 (PN17) classification tomorrow following the completion of its regularisation plan.
In a bourse submitting in the present day, the bus services cum building group stated Bursa Malaysia Securities (Bursa Securities), through a letter in the present day, had authorised its utility for upliftment from being categorized as a PN17 firm.
Bursa Securities stated Epicon had regularised its monetary situation and not triggers any standards relating to PN17 underneath the Bursa Malaysia Main Market Listing Requirements.
The group will exit from its PN17 status efficient from 9am tomorrow.
The firm had triggered the PN17 standards in April 2020 after its auditors highlighted a cloth uncertainty in its potential to proceed as a going concern, in its audited monetary statements for the 12 months ended Dec 31, 2018 (FY2018).
As a part of its regularisation plan, the group introduced in 2022 it could dispose its wholly-owned specific bus enterprise underneath Park May Bhd to Nadicorp Holdings Sdn Bhd for a nominal sum of RM1 plus a debt waiver of RM51.46 million. The divestment resulted in a internet acquire of RM18.63 million when it was accomplished in August 2023.
The main shareholder of Nadicorp is Mohd Nadzmi Mohd Salleh, who was beforehand one of many main shareholders of Konsortium Transnasional.
Its regularisation plan additionally included a share capital discount, and a personal placement of 125 million new shares, representing 26.61% of its current shares to unbiased third events at a difficulty worth of 16 sen per share.
In addition, Epicon ventured into the development enterprise as a part of the plan, specializing in reasonably priced housing and business properties.
The building phase is now the principle contributor to the group, making up 74.5% or RM150.15 million in income in FY2023.
The remaining 25.5% was contributed by its transportation enterprise, with a fleet of 92 stage buses in Seremban underneath the Cityliner model.
Epicon managed to lastly return to the black in FY2023, posting a internet revenue of RM68.21 million from a internet lack of RM11.26 million a 12 months earlier, attributed to its building enterprise and the one-off acquire from the debt waiver and disposal of Park May.
This was the group’s first annual revenue following consecutive losses since FY2016.
The firm’s largest shareholder is Doh Properties Sdn Bhd, a personal automobile of Doh Tee Leong, the previous chairman of Lagenda Properties Bhd, who holds a 11.26% stake.
He emerged as a considerable shareholder after buying a 14.26% stake within the group via a personal placement train in December 2021. He is at present an govt director of Epicon.
The group closed 1 sen or 2.17% increased at 47 sen, valuing it at RM279.85 million.
