Seacera Group Bhd, which has become a Practice Note 17 company, saw 22.91 million of its shares crossed in an off-market deal on Monday.
KUALA LUMPUR: Seacera Group Bhd
, which has become a Practice Note 17 company, saw 22.91 million of its shares crossed in an off-market deal on Monday.
Stock market data showed the shares, or 4.82% stake, were crossed at 17 sen each. This was 14.5 sen below its Friday closing price of 31.5 sen.
The tile maker is under pressure to regularise its financial condition after it triggered the prescribed conditions under PN17.
At 3.58pm, Seacera was down 6.5 sen to 25 sen. It was actively traded with 57.08 million shares done.
The FBM KLCI fell 1.97 points or 0.12% to 1,636.41. Turnover was 2.03 billion shares valuedat RM1.20bil. There were 215 gainers, 626 losers and 335 counters unchanged.
Last Friday, Seacera announced that it has become an affected listed issuer under PN 17 under the Main Market Listing Requirements of Bursa Malaysia Securities.
The companydefaulted in the payment of principal and profits to AmBank Islamic Bhd and it was also unable to provide a solvency declaration to Bursa Securities.
The tile maker has 12 months to regularise its financial condition. It also has to submit a regularisation plan to the Securities Commission if the plan will result in a significant change in the business direction or policy of the company.
Earlier, Seacera has warned that it is potentially headed towards a default on its payment obligations in the highly likely event that it will not be able to proceed with its settlement proposals in time.
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