Perwaja seeks Bursa's approval for extension of time

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KUALA LUMPUR (May 14): Ailing steel producer Perwaja Holdings Bhd is seeking Bursa Malaysia's approval to delay the requisite announcement on its regularisation plan by up to two months to July 15.

In a filing to the local exchange today, Perwaja, which fell into Practice Note 17 (PN17) in November 2013, said it had on May 13 submitted the application to the regulator and that the outcome of the application will be announced when it has obtained a decision from Bursa.

To recap, Bursa had on April 13 approved Perwaja’s application for a time extension of up to July 31 to submit the company’s regularisation plan, but the approval was conditional upon the requisite announcement being made by May 15.

According to Bursa’s listing requirements, a PN17 company is required to make the requisite announcement and submit a regularisation plan to the relevant authorities for approval within eight months from the date of the first announcement of its PN17 status.