1.         INTRODUCTION

Marine & General Berhad (“M&G”) wishes to announce that it has triggered the following Prescribed Criteria of paragraph 2.1(a) and 2.1(e) of Practice Note 17 ("PN17") pursuant to paragraph 8.04(2) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”):-

(a)        The shareholders’ equity of M&G on a consolidated basis is 25% or less of its share capital and such shareholders’ equity is less than RM40 million based on the unaudited interim financial results of M&G for the quarter ended 31 July 2021; and

(b)        The auditors have highlighted a material uncertainty related to going concern in the latest audited financial statements for the financial year ended 30 April 2021 and the shareholders’ equity on a consolidated basis is 50% or less of its share capital.

2.         BURSA SECURITIES' RELIEF MEASURES

Bursa Securities had via its letter dated 16 June 2021 granted the affected listed issuers further relief from complying with the obligations under Paragraph 8.04 and PN17 of the MMLR (“PN17 Relief Measures”). The PN17 Relief Measures will be available to a listed issuer that triggers any one of the following criteria under PN17 of the MMLR (“PN17 Suspended Criteria”) between 1 July 2021 and 31 December 2021 (both dates inclusive) (“Relief Period”):-

• its shareholders’ equity on a consolidated basis is 25% or less of its share capital (excluding treasury shares) and such shareholders’ equity is less than RM40 million;
• the auditors have highlighted a material uncertainty relating to going concern or expressed a qualification on the listed issuer’s ability to continue as a going concern in its latest audited financial statement and its shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares); and
• default in payment by the listed issuer, its major subsidiary or major associated company, as the case may be, as announced pursuant to paragraph 9.19A of the MMLR and the listed issuer is unable to provide a solvency declaration to the Exchange.

 Under the PN17 Relief Measures, the listed issuer:-

• will not be classified as a PN17 listed issuer and will be accorded relief from complying with the obligations under paragraph 8.04 and Practice Note 17 of the MMLR for a period of 18 months from the date of triggering the PN17 Suspended Criteria;
• must immediately announce that it triggers the PN17 Suspended Criteria and the relief provided ("PN17 Relief Announcement"); and
• must, upon the expiry of 18 months from the PN17 Relief Announcement, reassess its condition and announce whether it continues to trigger any of the criteria in Practice Note 17 of the MMLR (“PN17 Subsequent Announcement”).

If the listed issuer continues to trigger any of the criteria in Practice Note 17 of the MMLR, it will be classified thereafter as such and must comply with all the obligations under paragraph 8.04 and Practice Note 17 of the MM LR from the date of the PN17 Subsequent Announcement.

 3.        CONCLUSION

For the avoidance of doubt, M&G will not be classified as a PN17 listed issuer and will not be required to comply with the obligations under paragraph 8.04 and PN17 of the MMLR for a period of 18 months from the date of the PN17 Relief Announcement i.e., until 30 March 2023.  M&G will re-assess its condition and announce whether it continues to trigger any of the Suspended Criteria upon the expiry of the 18 months from the date of the PN17 Relief Announcement.

This announcement is dated 30 September 2021.