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Malaysia bunker firm Petrol One Resources to be delisted

14 Aug 2018

Malaysia-listed bunkering and storage company Petrol One Resources Berhad (PORB) will be delisted from the country’s stock exchange on 24 August, 2018 if it is not able to submit an appeal against its delisting on or before 20 August, said a note from exchange holding company Bursa Malaysia on Monday.

PORB cited issues with it being “unable to fully secure suitable placees for the entire tranche of the placement shares, despite numerous efforts from the company to actively engage and source for suitable placees.”

“This is partly due to the commitment required from the placees to subscribe for both the placement shares and corresponding rights shares as the amount involved is relatively substantial.”

“The current challenging equity market conditions for fund raising exercise,” it adds.

PORB and its wholly-owned indirect subsidiary, Arus Dermaga Sdn. Bhd. (ADSB), which provides ship to ship (STS) transfer services were unable to meet their loan obligations on January 2011 and March 2010.

The company entered into a debt settlement agreement (DSA) with its respective lenders to settle outstanding loan obligations in full by a cash payment of RM 6.5 million.

PORB was classified as an affected listed issuer pursuant to Paragraph 2.1 (a) of Practice Note 17 (“PN17”) under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) on 30 August, 2012.

In the financial year ended 30 June 2017, PORB recorded net profit of RM 1.8 million (USD $440,000), a 161.5% increase over net profit of RM 702,392 in FY 2016.

However, it posted net current liabilities of RM 111.7 million and capital deficiency of RM 107.6 million in FY 2017.

Published: 14 August, 2018

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