Friday 29 Mar 2024
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KUALA LUMPUR (July 8): Lotus KFM Bhd’s share price rose as much as seven sen or 21.54% to 39.5 sen in the morning trade today after the flour producer said yesterday Bursa Malaysia had decided to approve the company's application for an early upliftment from being classified as a Practice Note 17 (PN17) entity.

"Lotus will be uplifted from being classified as a PN17 company effective from 9am on Wednesday, July 8, 2020,” Lotus said in a statement on Bursa’s website.

Today, Lotus shares pared gains to 34.5 sen as at 9.14am, with a market capitalisation of RM242.04 million. The stock saw some 20 million shares traded.

Lotus was formerly known as Kuantan Flour Mills Bhd (KFM). The group became a PN17 company on Dec 28, 2015.

On that day, KFM said in a Bursa filing it was an affected listed issuer as it had triggered Paragraph 2.1(a) of the PN17 as shareholders’ equity in the company on a consolidated basis was 25% or less of its issued and paid-up capital.  

KFM said its shareholders’ equity was less than RM40 million based on the company’s unaudited management accounts as at Nov 30, 2015.

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