KUALA LUMPUR (Aug 22): Financially distressed Maxwell International Holdings Bhd has received the nod from the stock exchange regulator to extend the time to submit its regularisation plan by six months until Jan 31, 2018.

However, the Practice Note 17 (PN17) group added that the extension of the time comes with the condition that it must, via its principal adviser M&A Securities Sdn Bhd, make the requisite announcement by Nov 30.

According to the China-based group's 2016 annual report, the requisite announcement will contain the details of the regularisation and sufficient information to demonstrate that the group is able to comply with all the requirements set to uplift the PN17 status.

The requisite announcement, added Maxwell, will also include a timetable for the complete implementation of the regularisation plan.

"The aforesaid extension of time is without prejudice to Bursa Malaysia's right to proceed to suspend the trading of the securities of Maxwell," it added in a regulatory filing with the local bourse.

Maxwell had slipped into PN17 status on Aug 2, 2016 after its external auditors expressed a disclaimer opinion in its audited financial statements for the financial year ended Dec 31, 2015.

Maxwell, a shoes, apparels and garments manufacturer, is among 12 China-based companies listed on Bursa Malaysia, the majority of which are operating at a loss.

Listed on the Main Market since January 2011, Maxwell shares plunged 0.5 sen or 25% to 1.5 sen, giving the group a market capitalisation of RM6 million.