Dolomite classified as PN17


One of Dolomite's projects

KUALA LUMPUR: Dolomite Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) after it was unable to pay its debts as its liabilities have far exceeded its assets.

As of Dec 31, 2020, the investment company, which is the parent of 14 subsidiaries, has net liabilities of RM59.57mil.

The group is principally involved in property development, construction and sand mining activities.

“At that material time, the company was facing the possibility of winding-up as it has received the statutory notice pursuant to Section 466 (1) (a) of the Companies Act 2016 from the solicitors for Maybank International Labuan Branch to demand the sum of US$38.19mil (RM159.94mil) and the costs awarded by the court within 21 days,” it said in a filing with Bursa Malaysia. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Dolomite Corp Bhd , PN17 , Bursa Malaysia ,

   

Next In Business News

GIIB's glove manufacturing plant expected to enhance bottomline
Kasa’s business programmes at Expo 2020 Dubai generates RM16.33bil in potential trade, investment
FTX's billionaire chief says bitcoin has no future as a payments network- FT
China April aluminium output hits record high as power curbs lifted
China April property sales plunge 46.6%, fastest since at least 2010
China's economy cools sharply in April as lockdowns bite
Oil prices drop on profit-taking, supply fears linger
Asia stocks try to bounce, China data a risk
Dollar starts week on strong footing on firm safe-haven bid
Funds stage sizable soy, soymeal selloff ahead of USDA data

Others Also Read