The oil and gas company told Bursa Malaysia that its shareholder equity was on a consolidated basis of RM19.1mil, which represents less than 25% of its issued capital.
KUALA LUMPUR: Shares of Daya Materials Bhd fell sharply to an all-time low of four sen on Thursday after the loss-making oil and gas services company triggered the Practice Note 17 (PN17).
At midday, it was down three sen to four sen. There were 94.88 million shares done at prices ranging from 3.5 sen to 4.5 sen.
Daya posted net losses of RM41.93mil in the financial year ended Dec 31, 2017, which narrowed from the RM207.28mil losses in FY16.
In the fourth quarter FY17 , it posted net losses of RM41.21mil compared with net losses of RM147.15mil a year ago.
Bursa Malaysia Securities said based on the unaudited interim financial results in Q4 FY17, the shareholders’ equity on a consolidated basis was RM19.1 million, which was less than RM40mil and represents less than 25% of its issued capital.
Under the PN17, it has 12 months to submit a regularisation plan to the Securities Commission (SC) if the plan will result in a significant change in the business direction or policy of DMB.
It also has to submit a regularisation plan to Bursa Securities if the plan will not result in a significant change in the business direction or policy, and obtain Bursa Securities’ approval to implement the plan.
If Daya Materials fails to regularise its condition, it will announce the dates of suspension and de-listing of its listed securities, immediate upon notification of suspension and de-listing by Bursa Securities.
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