Bursa grants time extension for THHE, MAA to submit regularisation plans

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KUALA LUMPUR (May 17): Bursa Malaysia today granted an extension of time for two Practice Note 17 (PN17) status companies, TH Heavy Engineering Bhd (THHE) and MAA Group Bhd, to submit their regularisation plans.

For THHE, the extension of time is until Oct 24 whereas MAA is given until Oct 31, according to their respective filings.

If the companies fail to submit their regularisation plans to the regulatory authorities before the stipulated dates, Bursa Malaysia will suspend these listed securities.

In June last year, THHE said it was undergoing a kitchen-sinking exercise so it could start with a clean slate and exit the PN17 status by the first quarter of this year.  

Meanwhile, MAA has been listed as a PN17 company following the sale of its conventional insurance arm, Malaysian Assurance Alliance Bhd, which was its core business, on Sept 30, 2011.

It then said it was looking to emerge from the PN17 status by end-2017.

At market close today, shares of THHE went up 1 sen or 20% to 6 sen per share while MAA shed 2 sen or 1.92% to close at RM1.02 per share.