KUALA LUMPUR (Sept 2): Perak Corp Bhd has been granted a further extension of time up to Feb 10, 2023 to submit its regularisation plan to the regulatory authorities.

The Practice Note 17 (PN17) company said it received the extension from Bursa Securities.

"Bursa Securities shall suspend the trading of the listed securities of Perak Corp on the 6th market day after the date of notification of suspension by Bursa Securities and delist the company, subject to the company's right to appeal against the delisting," Perak Corp noted in a bourse filing.

Perak Corp was previously granted an extension of time to submit the regularisation plan to Aug 10.

As an integral part of the regularisation plan to address its financial condition, Perak Corp on Aug 12 inked a memorandum of understanding with its immediate holding corporation Perbadanan Kemajuan Negeri Perak.

Through the collaboration, it aims to jointly develop Perbadanan Kemajuan Negeri Perak's assets and become the master developer of Perbadanan Kemajuan Negeri Perak's industrial development area in the Silver Valley Technology Park in Ipoh.

Perak Corp slipped into the PN17 status in February 2020, as a result of a default in payment and its inability to declare solvency.

For the cumulative six months ended June 30, 2022, the company narrowed its net loss to RM2.29 million from RM12.32 million a year earlier, as revenue rose to RM71.82 million from RM67.17 million.

Perak Corp shares closed unchanged at 36 sen on Friday (Sept 2), with a market value of RM36 million.