KUALA LUMPUR, June 22 ― Berjaya Media Bhd (BMedia), the publisher of theSun, fell into financial distress and was classified as a Practice Note 17 (PN17) company by the Bursa Malaysia yesterday.
In an announcement on the Bursa’s website yesterday, the decision was made following the release of its unaudited financial results of its financial year’s fourth quarter.
“Based on the unaudited interim financial results of BMedia for the fourth quarter ended 30 April 2017, the shareholders’ equity of BMedia on a consolidated basis of less than RM40.0 million represented 25 per cent or less of its issued capital.
“Hence, BMedia is now regarded as a PN17 Company,” said the statement.
BMedia charted a net loss of RM14 million in that quarter, compared to just RM3.5 million loss in the same period last in the previous year.
This is despite its revenue rising to RM9.07 million compared to RM8.54 million over he same period.
BMedia’s net loss over the full financial year was RM21.12 million, from a revenue of RM42.7 million.
The firm will be required to submit a regularisation plan either to the Securities Commission or to Bursa Securities, based on whether the plan will result in a significant change in the business direction or policy, or not.
Failure to comply will result in BMedia’s suspension from trading six trading days from yesterday.
“BMedia is looking into formulating a regularisation plan to address its PN17 status and will make the necessary announcement on the regularisation plan in due course,” the company responded in the same statement.
