KUALA LUMPUR: Pekat Group Bhd
has decided to surrender the moneylender license as the business is no longer feasible due to the change in the group's business strategy.
In a filing with Bursa Malaysia, it said Solaroo RE Sdn Bhd (SRSB), a wholly-owned subsidiary of Pekat Teknologi Sdn Bhd, which in turn is a wholly-owned subsidiary of Pekat decided to surrender the license.
“The company has on March 8 received a letter dated Jan 30 from the Ministry of Local Government Development to take note of the surrender of the license.
“In relation thereto, the License has been revoked by the Ministry with effect from Feb 1 pursuant to Section 9F(4) of the Moneylenders Act 1951 (Act 400) and the Moneylenders (Control and Licensing) Regulations 2003,” Pekat said.
Pekat said there is no operational and financial impact on the group as SRSB has not commenced its moneylending business since being granted the licence on Aug 26, 2022.
