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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, 30 January 2024, 29 February 2024, 29 March 2024, 29 April 2024 and 2 May 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 PN 17 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 disclaimer of opinion disclosed in the Independent Auditors’ Report for FYE 31 December 2023, the Group has taken necessary steps as stated below:-

 

Material uncertainty as regards going concern

 

(a)   Practice Note 17 (“PN 17”)

 

On 2 May 2024, Bursa Securities granted an extension of time of six (6) months up to 31 October 2024 to submit its regularisation plan to the relevant regulatory authorities. The Group is in the process of formulating the Proposed Regularisation Plan for submission.

 

(b)   Trade receivables

 

The efforts towards the recovery of the awarded sum of RM252.8 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.

 

(c)   Borrowings

 

The Group has complied with the monthly repayment schedule as per the approved rescheduling agreement dated 15 December 2023.

 

(d)   Use of the going concern assumption

 

The Group is of the opinion that the Proposed Regularisation Plan once formulated and implemented after obtaining the approval from relevant authorities, will enable the Group to generate sufficient cash flows to meet its obligations and continue sustainable and viable operations.

 

There was no material event subsequent to the end of the current financial period ended 31 March 2024.

 

The Company will make the necessary announcement(s) should there be any material developments on its regularisation plan.

 

 

This announcement is dated 29 May 2024.






Announcement Info

Company Name ZELAN BERHAD
Stock Name ZELAN
Date Announced 29 May 2024
Category General Announcement for PLC
Reference Number GA1-27052024-00044



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