KUALA LUMPUR: MMAG Holdings Bhd
said Bursa Securities has granted the company a waiver from being classified as an affected listing company pursuant to Guidance Note 3.
According to the group, the approval reaffirms its solid financial position and operational progress, highlighting the group’s stability and growth trajectory.
“We acknowledge and appreciate Bursa Malaysia’s pro-business approach, its commitment to upholding high standards of corporate governance, and its professional handling of our application.
"Their balanced and careful review underscores the importance of regulatory integrity in fostering sustainable business growth while maintaining market confidence,” said executive director Chin Boon Long.
MMAG said it is undergoing a transformation into a leading integrated supply chain service provider.
To further strengthen its financial performance, it has adopted a strategic focus on automation, service expansion, and partnerships to optimise asset utilisation, enhance efficiency, expand its network, widen its customer base, and deliver long-term value to stakeholders.
In an Oct 2, 2024, filing with the stock exchange, MMAG said it had triggered Paragraph 2.1(g) of GN3 of the ACE Market listing requirements of Bursa Malaysia Securities.
It said external auditors have expressed material uncertainty related to the going concern of the company in the audited financial statements for the financial year ended March 31, 2023.
In addition, the shareholders' equity of the company on a consolidated basis was 50% or less of its issued share capital calculated based on the unaudited financial results of the company as at June 30, 2024.
