KUALA LUMPUR (June 1): Bursa Malaysia Securities Bhd (Bursa Securities) has listed 21 companies as having fallen under Practice Note No. 17 (PN17) as of today, with the latest being petroleum storage tank maker CN Asia Corp Bhd.

In a statement, Bursa said the companies represent 2.32% of the total number of 907 companies listed on the exchange.

Bursa said CN Asia (valuation: 0.9; fundamental: 0) had triggered the criteria pursuant to PN17 of the Main Market Listing Requirements of Bursa Securities (Listing Requirements).

“CN Asia had announced on May 29 that it is considered a PN17 company pursuant to Paragraph 2.1(e) of PN17. Bursa would like to emphasise that it will continue to monitor the progress of CN Asia, with respect to its compliance with the Listing Requirements,” it said.

CN Asia’s auditors have expressed concern on CN Asia’s ability to continue as a going concern in its latest audited financial statements, as the shareholders’ equity of CN Asia on a consolidated basis is 50% or less of the issued and paid-up capital (excluding treasury shares).

The 21 companies that has fallen under PN17 comprise AHB Holdings Bhd, Asia Knight Bhd, Biosis Group Bhd, China Stationary Ltd, Haisan Resources Bhd, HB Global Ltd, Integrated Rubber Corp Bhd, IRM Group Bhd, Kejuruteraan Samudra Timur Bhd, LFE Corp Bhd, Lion Corp Bhd, MAA Group Bhd, Malaysia Pacific Corp Bhd, Metal Reclamation Bhd, ML Global Bhd, Nakamichi Corp Bhd, Octagon Consolidated Bhd, Perwaja Holdings Bhd, Petrol One Resources Bhd and TPC Plus Bhd.

CN Asia’s shares traded 8 sen or 18.09% lower to close at 38 sen today, for a market capitalisation of RM21.3 million.

(Notes: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)