GEORGE TOWN (July 20): Oil and gas service provider Kejuruteraan Samudra Timur Bhd (KSTB) has exited the Practice Note 17 (PN17) status after Bursa Securities approved its upliftment and considered it a cash company.

In a filing with Bursa Malaysia today, KSTB said it is no longer considered to be a PN17 company.

"Bursa Securities has approved KSTB’s application to be de-classified as a PN17 company given, among others, that the company is considered as a cash company pursuant to the Main Market listing requirements as of Feb 27, 2015 and that KSTB no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the listing requirements," it added.

The company will be de-classified as a PN17 company effective from tomorrow.

In a separate filing, KSTB said it remains to be a cash company and is required to continue to comply with the provisions pursuant to Paragraph 8.03 and PN16 of the Main Market listing requirements.

"If KSTB fails to comply with any of the obligations prescribed in Paragraph 8.03 and PN16 of the listing requirements, Bursa Securities may take action against KSTB including but not limited to suspension and/or de-listing proceedings against KSTB," it added.

KSTB (valuation: 2.4; fundamental: 1.55) shares rose 12.5% or six sen to close at 54 sen today, giving it a market capitalisation of RM88.05 million.

(Note: 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.)