PLS Plantations given until Feb 29 to resolve public shareholder spread shortfall

PLS Plantations given until Feb 29 to resolve public shareholder spread shortfall
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KUALA LUMPUR (Dec 26): PLS Plantations Bhd, the oil palm and timber group that has diversified into the durian business, has been granted a three-month extension to resolve its public shareholders spread.

In a filing today, the group said Bursa Malaysia has informed that it now has until Feb 29 next year to address the matter.

As of Nov 29, 2019, PLS Plantations’ public shareholdings spread stood at 23.32%, 1.68% short of Bursa’s minimum 25% requirement.

“The company has yet to formulate any formal rectification plan to address the shortfall in the public shareholding spread requirement, and is currently exploring all possible options to meet the public shareholding spread requirement within the extended period” PLS Plantation said.

The group had announced the shortfall in its public shareholder spread on Dec 9.

The group is 30%-owned by construction and property group Ekovest Bhd. Tycoon Tan Sri Lim Kang Hoo is the executive chairman and a common shareholder in both groups.

Shares of PLS Plantations closed 1.88% or 1.5 sen higher at 81.5 sen today, valuing the group at RM285.82 million. The counter saw 15,600 shares traded.