Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 15): Utusan Melayu (Malaysia) Bhd, which is formulating a regularisation plan to address its Practice Note 17 (PN17) status, said today the proposed exercise will not result in a significant change in the business direction or policy of the group.

The Umno-controlled media group, which publishes the Utusan Malaysia and Kosmo! newspapers, has been making losses since financial ended Dec 31, 2012 (FY12).

It slipped into PN17 status on Aug 20 after defaulting in its principal and profits payment totalling RM1.18 million to Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd, and is unable to provide a solvency declaration to Bursa Malaysia.

On Sept 21, Utusan was reported to have offered a voluntary separation scheme to more than half of its 1,500 workers as part of its restructuring exercise to reduce overall costs.

Utusan shares ended the morning session up one sen or 7.14% at 15 sen, with 70,300 shares done, bringing a market capitalisation of RM15.5 million.

    

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