PN17 stands for Practice Note 17/2005 and is issued by Bursa Malaysia; relating to companies that are in financial distress. Companies that fall within the definition of PN17 will need to submit their proposal to the Approving Authority to restructure and revive the company in order to maintain the listing status.
PN17 Companies List updated as at 24 June 2010: ~
Latest Amended PN17 financial distress company by the securities commission in Malaysia industries.1. ARK RESOURCES BHD
2. AKN TECHNOLOGY BERHAD
3. AXIS INCORPORATED BERHAD
4. EVERMASTER GROUP BERHAD
5. FOUNTAIN VIEW DEVELOPMENT BERHAD
6. HAISAN RESOURCES BERHAD
7. HO HUP CONSTRUCTION BERHAD
8. HOCK SIN LEONG GROUP BERHAD
9. GULA PERAK BHD
10. IBRACO BERHAD
11. JPK HOLDINGS BERHAD
12. KENMARK INDUSTRIAL CO. (M) BERHAD
13. LCL CORPORATION BHD
14. LIMAHSOON BERHAD
15. LINEAR CORPORATION BERHAD
16. LUSTER INDUSTRIES BHD
17. MALAYSIAN MERCHANT MARINE BERHAD
18. NAM FATT CORPORATION BERHAD
19. NIKKO ELECTRONICS BHD
20. OCI BERHAD
21. OILCORP BERHAD
22. RAMUNIA HOLDINGS BERHAD
23. RHYTHM CONSOLIDATED BERHAD
24. SATANG HOLDINGS BERHAD
25. SELOGA HOLDINGS BERHAD
26. STAMFORD COLLEGE BERHAD
27. SYARIKAT KAYU WANGI BERHAD
28. THE AYER MOLEK RUBBER COMPANY BERHAD
29. TRACOMA HOLDINGS BERHAD
30. TRANSMILE GROUP BERHAD
31. TRIPLC BHD
32. VTI VINTAGE BERHAD
33. WONDERFUL WIRE & CABLE BHD
34. WWE HOLDINGS BERHAD
Criteria for a listed company to be classified as a PN17 company are as follows: ~
1. Shareholders’ fund is equal or less than 25% of the total issued and paid up capital of the listed company; or
2. Receivers and/or managers have been appointed to take control of at least 50% of the total assets employed of the listed company on a consolidated basis; or
3. Winding up of a subsidiary or associate company which makes up at least 50% of the total assets employed of the listed company on a consolidated basis; or
4. The auditors have expressed adverse or disclaimer opinion on the listed company’s latest audited accounts; or
5. For any default in payment, the listed company must announce its inability to provide a solvency declaration through Practice Note 1/2001 or PN1; or
6. The listed company has suspended or ceased all or a major part of its operations.
