Jasa Merin (Malaysia) Sdn. Bhd.

Published:13 October 2009
Source: Business Times

SILK announces lifting of PN17 status
SILK Holdings Bhd announced today that it has received approval for the lifting of its PN17 status.

"With the completion of the regularisation plan, SILK is now in a better position to concentrate on moving forward with its business expansion and revenue growth," executive chairman Datuk Mohd Azlan Hashim in a statement.

"In the oil and gas industry there remains ample opportunities for the company to grow further, both in terms of size and revenue," Mohd Azlan said .

"As for the toll highway concession, the group shall certainly stay focused in its pursuit to become a profitable entity by working closely with adjacent highway concessionaires to improve traffic flow and to increase non-toll revenue," he said. The upliftment of its PN17 status will be effective on the date of listing of the new SILK shares arising from the conversion of the RCULS-A and the issuance of RCULS-B for the acquisition of the entire equity interest of AQL Aman Sdn Bhd.

AQL is the holding company of Jasa Merin (Malaysia) Sdn Bhd, a marine support services company in the oil and gas industry.

The upliftment is expected to take effect on Oct 14, 2009.

According to SILK, the upliftment from the PN17 status represents the completion of phase two of its turnaround plan.

Phase one marked the restructuring of its debts with the issuance of the RM752 million Sukuk Mudharabah on Jan 25, 2008, it said.

SILK said it was now focused on improving its financial position via a comprehensive resrtucturing scheme. - Bernama.


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NEWS Published:13 October 2009 Source: Business Times SILK announces lifting of PN17 status SILK Holdings Bhd announced today that it has received approval for the lifting of its PN17 status. "With the completion of the regularisation plan, SILK is now in a better position to concentrate on moving forward with its business expansion and revenue growth," executive chairman Datuk Mohd Azlan Hashim in a statement. "In the oil and gas industry there remains ample opportunities for the company to grow further, both in terms of size and revenue," Mohd Azlan said . "As for the toll highway concession, the group shall certainly stay focused in its pursuit to become a profitable entity by working closely with adjacent highway concessionaires to improve traffic flow and to increase non-toll revenue," he said. The upliftment of its PN17 status will be effective on the date of listing of the new SILK shares arising from the conversion of the RCULS-A and the issuance of RCULS-B for the acquisition of the entire equity interest of AQL Aman Sdn Bhd. AQL is the holding company of Jasa Merin (Malaysia) Sdn Bhd, a marine support services company in the oil and gas industry. The upliftment is expected to take effect on Oct 14, 2009. According to SILK, the upliftment from the PN17 status represents the completion of phase two of its turnaround plan. Phase one marked the restructuring of its debts with the issuance of the RM752 million Sukuk Mudharabah on Jan 25, 2008, it said. SILK said it was now focused on improving its financial position via a comprehensive resrtucturing scheme. - Bernama. PREV \| NEXT
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