Propel Global escapes PN17 status

Oil and gas service provider Propel Global Bhd, which acquired the listing status of Daya Materials Bhd, has been removed from the Practice Note 17 (PN17) classification as of May 31. 

Propel told the stock exchange today that it has successfully completed its regularisation plan in October 2022, improving its financial condition and operations, and no longer meeting the criteria under PN17.

Bursa Securities approved the upliftment from PN17 classification after considering all relevant factors.

Propel recently reported a net profit of RM831,000 for the third quarter ended March 31, 2023, compared to a net loss of RM6.9 million in the previous year.

Its revenue also increased by 12.3% to RM24.7 million in the same period. 

For the cumulative nine-month period, Propel achieved a net profit of RM6.2 million and a revenue growth of 14.3% to RM67.4 million. 

Propel took over the listing status of Daya Materials in April last year, after Daya Materials fell into PN17 status in March 2018.

Propel’s shares closed unchanged at 21 sen today, resulting in a market capitalization of RM126.91 million. –TMR