PETALING JAYA: HB Global Ltd will be uplifted from the Practice Note 17 (PN17) status effective tomorrow.
It has been a PN17 company since May 2013 after its external auditors raised a red flag on its audited financial statements.
The group said in a filing with Bursa Malaysia that the decision was arrived at after taking into consideration all facts and circumstances of the matter including amongst others, that it no longer triggers any prescribed criteria under Paragraph 2.1 of PN17 of the Main Market Listing Requirements.
HB Global recorded net assets of RM201.3 million as at June 30, 2019 with two consecutive quarters of net profit up to the quarter ended June 30, 2019, which have been subjected to a limited review by an external auditor.
