Daya Materials aims restructuring plan submission in August

June 11, 2018 | By | Reply More

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PETALING JAYA: Practice Note 17 (PN17) company Daya Materials Bhd is looking to submit its regularisation plan to Bursa Malaysia Securities Bhd in August before the deadline of March 2019.

Speaking to reporters after its AGM today, Daya Materials CEO and executive vice chairman Datuk Lim Thean Shiang said the group is in the midst of engaging with stakeholders and finalising the appointment of a principal adviser.

The company was admitted into the PN17 category in February after its shareholder equity fell to below 25% of its issued capital as at December 31, 2017.

With both its order book and tender book standing at RM600 million, Daya Materials is also on the lookout for rail related projects.

Anchored by the order book which will keep it busy for the next five years, the company is expecting better earnings in the second quarter of this year.

Daya Materials reported a net loss of RM760,000 in the first quarter ended March 31, 2018 against a net profit of RM581,000 recorded a year ago. Revenue on the other hand grew to RM90.42 million from RM57.37 million.

At the noon break, the stock was unchanged at 3.5 sen on some 1.01 million shares done.

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