KUALA LUMPUR (July 24): CN Asia Corp Bhd hit limit up after the stock rose as much as 30 sen or 61% as the producer of pipes and steel structures for the oil and gas industry exited Bursa Malaysia's Practice Note 17 (PN17) list today.

At 12:30pm, CN Asia shares settled at their highest so far today at 79 sen, among Bursa Malaysia top gainers. CN Asia saw 1.31 million shares traded.

Yesterday, CN Asia said: "CNASIA has regularised its financial condition and no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the Main Market Listing Requirements."

"After due consideration of all facts and circumstances on the matter, Bursa Malaysia Securities Berhad has decided to approve the company's application for an upliftment from being classified as a PN17 company. CNASIA will be uplifted from being classified as a PN17 company effective from 9.00 a.m., Tuesday, 24 July 2018," CN Asia said.

Prior to the PN17 upliftment, CN Asia was a PN17 company since May 29, 2015. According to CN Asia's statement on Bursa Malaysia's website then, CN Asia's auditors had expressed an "emphasis of matter" on the company's ability to continue as a going concern. 

CN Asia said its auditors had also indicated that the shareholders' equity of the company on a consolidated basis, was 50% or less of its issued and paid-up capital.