FSBM Holdings to exit PN17 status after financial recovery

FSBM Holdings Bhd will exit Bursa Malaysia’s Practice Note 17 (PN17) financially distressed category tomorrow after regularising its financial condition.

Bursa Securities announced today that FSBM no longer triggers PN17 criteria and will be monitored for compliance with listing requirements.

FSBM entered PN17 status on Dec 30, 2019, after auditor Moore Stephens PLT expressed a disclaimer on its FY2018 financial statements due to insufficient evidence.

The group, which shifted its financial year-end to Dec 31 in 2019, reported a net profit of RM1.94 million for FY2023, down from RM4.42 million the previous year, with revenue rising 2.6% to RM12.84 million.

FSBM shares ended trade up half a sen or 1.35% at 37.5 sen today, with a market capitalisation of RM182.95 million. –TMR