Seacera confident of exiting its PN17 status


SEACERA Group Bhd is confident that its Practice Note 17 (PN17) status would be lifted after the newly appointed board of directors (BoDs) convene to discuss the company’s regularisation plan.

Its new ED Shirley Tan Lee Chin said the seven BoDs appointed at the company’s EGM are expected to come up with plans, including a fundraising proposal, in the first board meeting which will be held in one or two weeks’ time.

Tan also said the board is confident about the quarry business as it will enhance the value of the company and generate profit.

“This is to pare down the bank borrowings…they might sell some unutilised assets to get cash and subsequently make the company stronger.

“We expect that to happen in the next six to eight months. We are quite confident that we would be able to shed the PN17 status,” she told reporters after the EGM in Kuala Lumpur yesterday.