Propel Global exits PN17 status

KUALA LUMPUR: Propel Global Bhd, which took over the listing status of Daya Materials Bhd last year, has regularised its financial condition and exited Practice Note 17 (PN17) classification of the listing requirements as at today.

The oil and gas services and downstream speciality chemicals company said Bursa Securities had granted the company a modification of compliance with Paragraph 5.2(c) of PN17 of the listing requirements, based on the net profits for the three-month financial period ended Dec 31, 2022, and three-month financial period ended March 31, 2023.

This comes following the implementation of the company's regularisation plan on Oct 7, 2022.

It said the stock exchange operator also noted that Propel Global no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the listing requirements as the group has regularised its financial condition and level of operations.

"Our financial performance speaks for itself as we have seen three straight quarters of profitability.

"We would like to thank our team for their efforts on the upliftment," said Propel Global CEO Angeline Lee in a statement.

Daya Materials fell into PN17 status in February 2018 after its shareholder equity dropped below 25% of its issued capital as at Dec 31, 2017.

The company, now known as Propel Global, recorded a net profit of RM831,000 in the third quarter of its 2023 financial year ended March 31 on the back of revenue of RM24.75mil.

For the cumulative three quarters to March 31, the group posted a net profit of RM6.19mil as compared to a net loss of RM13.12mil in the previous corresponding period.

Revenue for the nine-month period rose to RM67.38mil from RM58.96mil in the comparative period.

At at midday, the trading stock of Propel Global was unchanged at 21 sen a share with 8.68 million shares done.

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