Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 1): Practice Note 17 (PN17) company Sumatec Resources Bhd said today Bursa Malaysia granted the oil and gas firm a time extension of six months up to Oct 29, 2019 to submit a regularisation plan to the authorities.

In a bourse filing today, Sumatec said it had on Sept 4 received Bursa's letter on Sumatec's application for the time extension.

"After due consideration of all facts and circumstances of the application, Bursa has decided to grant the company an extension of time of six months up to Oct 29, 2019 to submit a regularisation plan to the regulatory authorities," the group said.

Sumatec had initially announced its PN17 status in April 2018. In a bourse filing on April 30, 2018, Sumatec said it became a PN17 company after its auditors expressed a disclaimer opinion in the company's audited financial statements for financial year ended Dec 31, 2017.

At Bursa's afternoon break today, Sumatec's share price settled unchanged at two sen, with some 21 million units transacted. The counter was among the bourse's top-active stocks.

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