PUNCAK Niaga Holdings Bhd has clarified that the application for the issuance of the convertible secured Islamic debt securities (CSIDS) to the Securities Commission Malaysia (SC), and the listing application together with the draft circular to Bursa Malaysia Securities Bhd were extended from July 31, 2020, until Jan 31, 2021.

The company said on July 30, 2020, that it was still unable to procure the undertakings from the undertaking shareholders due to the impact from the Covid-19 pandemic, resulting in continuing uncertainties in the financial markets.

Hence, the board of directors of the company confirms that it is not aware or currently involved in any other corporate developments relating to Puncak Niaga group’s business and affairs that have not been previously announced that may account for the trading activity, including those in the stage of negotiation or discussion.

“The board of directors of the company hereby confirms that it is not aware of any rumour or report concerning Puncak Niaga group’s business and affairs that would account for the trading activity; the company is not aware of any other possible explanation that would account for the trading activity.

“The board of directors of the company also confirms that the company is in compliance and will continue to comply with the Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations,” the company said in a reply to Bursa Malaysia yesterday.

Earlier, Bursa Malaysia highlighted the recent sharp rise in price and volume of the company’s shares yesterday and the company’s responses to the latest unusual market activity queries issued by the exchange.

On Aug 29, 2019, Hong Leong Investment Bank Bhd (HLIB), on behalf of the board of directors of the company, announced that the company was proposing to undertake a renounceable rights issue up to RM223.62 million nominal value of five-year 6.5% CSIDS at 100% of its nominal value of RM1 on an entitlement date to be determined later.

However, on Oct 29, 2019, it was announced that the company was still in the middle of preparing the application for the issuance of the CSIDS to the SC and the listing application, together with the draft circular, to Bursa Securities and that the said application to the relevant authorities is expected to be made within a period of two months from Oct 29, 2019.

Further, on Dec 27, 2019, HLIB, on behalf of the company, announced that since Puncak Niaga had yet to procure the undertakings from the undertaking shareholders in view of the significant funds to be raised, the company would require more time to procure such undertakings from the undertaking shareholders.

“Consequently, the application for the issuance of the CSIDS to the SC and the listing application together with the draft circular to Bursa Securities were now expected to be made to the relevant authorities within a period of three months from Dec 27, 2019,” it said. — Bernama