Wednesday, 2 May 2012

HLS Corp now a PN17 company

KUALA LUMPUR (May 2): Hock Lok Siew Corporation Bhd said on Wednesday that it has been designated a Practice Note 17 company after triggering the prescribed criterias of the Listing Rules.

The company said that on April 4 this year, Malayan Banking Berhad's (MBB) claim of about RM18million against the company based on the corporate guarantees provided by the company has been allowed and that it had proceeded to file a notice of appeal to the Court of Appeal against that decision and an application for stay of execution of the judgement sum by MBB.

HLS said its external auditors had provided a matter of emphasis on the audited financial statements of the dompany for the year ended Dec 31, 2011 highlighting the negative shareholders' equity position of the Group and of the Company of RM8.12 million and RM14.14 million respectively.

“Consequently, the Company has triggered the Prescribed Criterias 2.1(a) and (e) of PN17 of the Main Market LR,” it said.

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