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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, 29 December 2023 and 30 January 2024 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. 

 

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 and auditors have completed their audit.

 

ii. Going concern

 

(a)     Trade receivables

 

The efforts towards the recovery of the awarded sum of RM241.76 million are still ongoing. The Group is still pursuing the recovery action and working closely 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 dated 15 December 2023.

 

iii.      Balances Subject to Verification

 

As at 31 December 2023 the Group had verified the following items as follows:-

 

Description      Million     % Verified & Audited
Financial Payables   RM106.052              91
Income   RM28.997              54
Other Liabilities   RM19.102              91
Expenses   RM18.351             16
Other Assets   RM15.547               4
Receivables   RM12.493             50

 

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 year ended 31 December 2023.

 

The Company has approximately two (2) 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 29 February 2024






Announcement Info

Company Name ZELAN BERHAD
Stock Name ZELAN
Date Announced 29 Feb 2024
Category General Announcement for PLC
Reference Number GA1-26022024-00034



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