Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Berjaya Media Bhd (BMedia) has slipped into PN17 (Practice Note 17) following its latest quarterly results.
In the fourth quarter ended April 30, BMedia’s net loss widened to RM14mil against RM3.5mil net loss a year ago. Its revenue for the period rose to RM9.07mil from RM8.54mil previously.
For the full financial year ended April 30, BMedia’s net loss stood at RM21.12mil on revenue of RM42.7mil.
“Based on the unaudited interim financial results of BMedia for the fourth quarter ended April 30, the shareholders’ equity of BMedia on a consolidated basis of less than RM40mil represented 25% or less of its issued capital.
“Hence, BMedia is now regarded as a PN17 company,” BMedia said in a filing with Bursa Malaysia on Wednesday.
The group, which publishes TheSun newspaper, is now required to submit a regularisation plan to the regulators including Securities Commission (SC) within 12 months from the date of the announcement.
In the event BMedia fails to comply with the obligations to regularise its condition, all its listed securities will be suspended from trading on the sixth market day after the date of notification of suspension by Bursa Securities and delisting procedures shall be taken against BMedia, subject to BMedia’s right to appeal against the delisting.
“BMedia is looking into formulating a regularization plan to address its PN17 status and will make the necessary announcement on the regularisation plan in due course,” it said.
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