KUALA LUMPUR (March 10): APFT Bhd has signed a memorandum of understanding (MOU) with HELP International Corporation Bhd (HIC) on the proposed acquisition of a certain education business of HIC.
APFT said the proposed acquisition is part of its regularisation plan to relinquish its practice note 17 (PN17) status to maintain its listing status on the Main Market of Bursa Malaysia.
The details of the regularisation plan will be announced and submitted to the regulatory authorities for their approvals, the company said in a filing with Bursa.
“The MOU allows the parties to negotiate exclusively for at least a period of six months and sets out the understanding and intention in respect of the proposed regularisation plan,” it said.
In a separate statement, APFT said it is terminating the MOU it had entered into with QEOS LED Sdn Bhd on Jan 9.
Previously, Bursa Malaysia had dismissed APFT’s request for more time to submit its regularisation plan, which means it will be delisted from the Main Market on March 16 unless an appeal is made.
Prior to the delisting, trading of APFT shares will be suspended from March 12.
The company first triggered the PN17 status in January 2018 when its shareholders' equity fell below the 50% threshold.
In September 2019, APFT’s external auditors expressed doubts over the flight training company's ability to continue operations, as its debts had exceeded its current assets.
Bursa had granted two six-month extensions to APFT to submit its regularisation plan, first from Jan 19, 2019 to July 18, 2019, and then to Jan 18 this year.