KUALA LUMPUR (Jan 17): Vehicle-tracking solutions provider Parlo Bhd is no longer classified as a Guidance Note 3 (GN3) company, as it has managed to regularise its operations.

“With the completion of the company’s regularisation plan, Parlo has regularised its financial condition and level of operations and no longer triggers any of the criteria under Paragraph 2.1 of GN3 of the ACE Market Listing Requirements," Bursa Securities said in a filing.

“After due consideration of all facts and circumstances of the matter, Bursa has decided to approve the company’s application for an upliftment from being classified as a GN3 company,” the exchange regulator said.

The suspension on Parlo's shares will be lifted effective tomorrow (Jan 18).

Along with the resumption in trading, Bursa has granted Parlo listing and quotation for an additional 354.03 million new shares issued pursuant to its regularisation plan, comprising acquisition of its shares from several shareholders, a debt settlement agreement with a former shareholder and a private placement exercise of up to 84.01 million shares.

Parlo’s shares were suspended from trading on Jan 28, 2016, with the counter last traded at 0.5 sen, after the company — then known as Cybertowers Bhd — triggered the GN3 criteria in October 2013.

The company triggered Paragraph 2.1 (a) and (b), which states the shareholders’ equity of a listed corporation must be above 25% of its issued capital and the incurring of a loss in a financial year equal to or exceeding the amount of its shareholders equity.