Utusan Melayu (Malaysia) Bhd says it is still in the midst of formulating its regularisation plan and that there are no major developments so far.
“The company has about eight months to submit its regularisation plan to the relevant authorities for approval,” the Practice Note 17 (PN17)-classified media group said in a filing with Bursa Malaysia today.
PN17 relates to companies in financial distress.
The Malay-language newspaper and magazine publisher, which has been in the red since 2012, triggered the PN17 criteria in August after defaulting on its principal and profit payments to Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd totalling RM1.18 million.
It was also unable to provide a solvency declaration to Bursa Malaysia Securities Bhd.
If it fails to come up with a plan, Utusan may be delisted from the stock exchange.
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