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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

ZELAN BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
MONTHLY ANNOUNCEMENT
Description
ZELAN BERHAD ("ZELAN" OR "THE COMPANY") MONTHLY ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 ("PN 17") OF THE MAIN MARKET LISTING REQUIREMENTS ("MMLR") OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES")

We refer to the Company’s First Announcements dated 30 April 2023 and the subsequent monthly announcements dated 30 May 2023, 30 June 2023, 31 July 2023, 28 August 2023, 29 September 2023, 31 October 2023, 30 November 2023 and 29 December 2023 made by the Company in relation to the classification of the Company as an affected listed issuer under PN17. 

 

Unless otherwise defined, the definitions set out in the First Announcement shall apply therein. 

 

Pursuant to paragraph 4.1 of PN17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of the Company wishes to announce that the Company is in the midst of formulating a regularisation plan to address its financial condition (“Regularisation Plan”). 

 

The Group wishes to highlight that in relation to the disclaimer of opinion disclosed in the Independent Auditors’ Report for FYE 31 December 2022, the Group has taken necessary steps as stated below:-

 

i.      Opening balances

 

The Group has reconciled the opening intercompany balances between certain receivables and payables which will be eliminated at Group level. The auditors had verified  on the opening balance reconciliation.

 

ii.       Going concern

 

(a)     Trade receivables

 

The efforts towards the recovery of the awarded sum of RM241.76 million is still ongoing. The Group is closely monitoring and following up with the solicitors in Abu Dhabi, United Arab Emirates to recover the awarded sum.

 

(b)     Borrowings

 

The Group has received the approval for the debt restructuring on 2 October 2023 from the Bank in Dubai, United Arab Emirates. The Group has signed and executed the rescheduling agreement.

 

iii.     Balances Subject to Verification

 

The Group has formulated an action plan on resolving these issues and is currently in the process of obtaining confirmation of balances from respective parties to ensure existence, accuracy and completeness of outstanding balances for FYE 31 December 2022. As at today the Group had verified the following items as follows:-

 

⦁ Financial Payables of RM106.052 million, 84% has been verified and audited;

⦁ Income of RM28.997 million, 100% has been verified and is currently being audit;

⦁ Other Liabilities of RM19.102 million, 88% has been verified and is currently being audit;

⦁ Expenses of RM18.351 million, 100% has been verified and is currently being audit;

⦁ Other Assets of RM15.647 million, 100% has been verified and is currently being audit; and

⦁ Receivables of RM12.493 million, 100%% has been verified and is currently being audit.

 

The Group is working together with the auditor on finalising these items.

 

There was no material event subsequent to the end of the current financial period ended 30 September 2023.

 

The Company has approximately three (3) months to submit its regularisation plan to the relevant regulatory authorities for approval to implement the same and will make the necessary announcement on the regularisation plan in accordance with the requirements under PN 17. 

 

This Announcement is dated 30 January 2024






Announcement Info

Company Name ZELAN BERHAD
Stock Name ZELAN
Date Announced 30 Jan 2024
Category General Announcement for PLC
Reference Number GA1-30012024-00055



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