CORP BRIEF: AirAsia, Serba Dinamik, Lotte Chemical and CanSino

by TMR / pic by TMR FILE 

AirAsia continues to trigger criteria of PN17

AIRASIA Group Bhd continued to trigger the prescribed criteria of Practice Note 17 (PN17), which involves financially distressed companies, under Bursa Malaysia’s Main Market Listing Requirements. In a filing to Bursa Malaysia last Friday, AirAsia said Pursuant to Paragraph 16 (c) of Bursa circular on additional relief measures dated April 16, 2020, and Paragraph 8 (c) of Bursa circular on additional relief measures dated Feb 17, 2021, the company is required to re-assess its condition at the expiry of the relief period. The company has submitted its application to Bursa for the relief period to be extended beyond Jan 7 and is currently waiting for Bursa’s decision.

Serba Dinamik slips into PN17

SERBA Dinamik Holdings Bhd has triggered Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd. The company, in a filing to the stock exchange last Friday, noted it is taking the necessary steps to address its PN17 status. It is also in the midst of formulating a plan to regularise its financial condition. Serba Dinamik’s external auditor, Nexia SSY PLT, said they were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the statements.

Lotte Chemical completes awards of key work packages

LOTTE Chemical Titan Holdings Bhd has completed the awards of key work packages for the expansion of the Lotte Chemical Indonesia New Ethylene (LINE) integrated petrochemical facility in Banten Province, Indonesia. The group announced in a filing to Bursa Malaysia that its Indonesian subsidiary PT LOTTE Chemical Indonesia will be signing the engineering, procurement and construction contracts for the Group A work package of the LINE project. Under the package, Lotte Chemical will sign an onshore construction contract with PT HEIN Global Utama.

CanSino Covid-19 vaccine approved as booster shot

SOLUTION Biologics Sdn Bhd, a wholly-owned subsidiary of Solution Group Bhd, announced that CanSino’s single-dose Convidecia vaccine has received conditional approval for its vaccine from Malaysia’s Drug Control Authority under the National Pharmaceutical Regulatory Agency as a booster shot. In a filing to Bursa Malaysia last Friday, the company stated the approval allows the CanSino vaccine to be used on adults aged 18 and above, three to six months after they have received their first dose of CanSino vaccine.

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