KUALA LUMPUR (Nov 19): Candies and sweets manufacturer Khee San Bhd is now a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management.
In a bourse filing on Friday, Khee San said Maybank Islamic Bhd, via its solicitor Messrs Shook Lin & Bok, had filed an application to place its unit Khee San Food Industries Sdn Bhd under the court-supervised restructuring.
Khee San said the assets of its unit accounted for over half of the total assets employed of the company on a consolidated basis.
Datuk Adam Primus Varghese Abdullah of Messrs ADAMPRIMUS has been appointed as the interim judicial manager of Khee San Food Industries, according to the filing.
Khee San said it is taking the necessary steps to formulate a regularisation plan and will make the necessary announcements on the plan in due course.
The group risks trading suspension or delisting from the local bourse if it fails to comply with its obligations to regularise its conditions within the time frame permitted by Bursa Malaysia.
Shares of Khee San declined two sen or 10.53% to close at 17 sen, giving it a market capitalisation of RM18.96 million.