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

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