KUALA LUMPUR (Feb 28): Marine vessels operator EA Technique (M) Bhd is now classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements (MMLR), said Bursa Malaysia Securities.

In a statement on Monday (Feb 28),  Bursa Securities said EA Technique has triggered the criteria pursuant to Paragraphs 2.1 (a) and 2.1(e) of Practice Note No. 17  of the MMLR.

The prescribed criteria under Paragraph 2.1(e) was triggered as its shareholders’ equity of RM5.96 million as at Dec 31, 2021 is less than 50% of its share capital of RM179.76 million.

The group's auditors had highlighted a material uncertainty related to going concern in EA Technique's audited financial statement for the financial period ended Dec 31, 2020 (FY20).

In a separate bourse filing on Monday, EA Technique said that in addition to being a PN17 company pursuant to Paragraph 2.1(e), the group has also triggered Paragraph 2.1(a).

“Based on the company’s quarterly report for the financial period ended Dec 31, 2021 (4QFY21), the shareholders' equity of the company on a consolidated basis is 25% or less of the share capital (excluding treasury shares) of the listed issuer and such shareholders’ equity is less than RM40 million,” the group said in the filing.

Also on Monday, the High Court granted EA Technique a three-month restraining order, as well as permission to call a scheme of creditors’ meeting.

At market close on Monday, EA Technique's share price fell 2.5 sen or 35.71% to 4.5 sen, valuing the group at RM23.87 million.

Meanwhile, Bursa Securities said as of Monday, the number of PN17 companies grew to 26, while the number of Guidance Note (GN3) companies stood at two, bringing the total number of PN17 and GN3 companies to 28, representing 3.03% of the total number of 925 companies listed on the Main and ACE Markets.