Malaysia Pacific falls 37% on PN17 status

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KUALA LUMPUR (Dec 2): Malaysia Pacific Corp Bhd fell as much as 37% after regulators placed the loss-making property developer under the Practice Note 17 (PN17) category.

Bursa Malaysia placed Malaysia Pacific under PN17 because auditors had not formed an opinion on the latter's audited accounts for financial year ended June 30, 2014 (FY14).

Today, Malaysia Pacific shares fell as much as 12.5 sen to 21 sen before reducing losses. The stock, which earlier traded among major decliners, was transacted at 24.5 sen at 10.44am.

A total of 363,3000 shares changed hands.
 
Yesterday, Malaysia Pacific said it submitted its FY14 audited accounts to Bursa Malaysia. As such trading of Malaysia Pacific shares resumed today following a suspension since last November 10.

According to the audited accounts, Malaysia Pacific posted a FY14  net loss of RM31.14 million. This compared to a net profit of RM36.61 million million a year earlier.

Malaysia Pacific said it was evaluating a regularisation plan to address its PN17 status.