Bursa approves Luster PN17 uplift appeal

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KUALA LUMPUR (Mar 15): Luster Industries Bhd will be lifted from the Practice Note 17 (PN17) category beginning this Monday (March 18). The precision plastic component manufacturer has been listed as a PN17 entity since May 2008.

In a statement to the exchange today, Luster said Bursa Malaysia has approved its uplift appeal which was submitted yesterday.

"After due consideration of all facts and circumstances of the matter, Bursa Malaysia Securities Bhd has decided to approve the company's application for upliftment from being classified as a PN17 company.

“The company will be uplifted from being classified as a PN17 company effective 18 March 2013,” Luster said.

The firm which had completed its revised regularisation plan on June 12 last year, had indicated that it would make the PN17 uplift appeal upon registering net profit for two consecutive quarters immediately after the completion and implementation of the regularisation scheme.

The company had reported a net profit of RM628,000 in the third quarter ended September 30, 2012 (3QFY12) against a net loss of RM1.23 million a year earlier.

In 4QFY12, Luster posted a net profit of RM753,000 against a net loss of RM1.99 million previously. Full-year FY12 net profit came to RM30.24 million against a net loss of RM6.5 million a year earlier.

Income from newly-acquired subsidiaries, and waiver of Luster’s debts and interests by lenders had helped the company’s bottom line during the year.

Bursa Malaysia had in May 2008 placed Luster under the PN17 category after the company’s losses widened, and taking into account that its shareholders’ equity on a consolidated basis amounting to RM25.19 million was less than half of the group’s issued and paid-up share capital of RM61.18 million as at December 31, 2007, according to Luster’s filings to the bourse then.

During the year, the company said its net loss widened to RM44.64 million from a net loss of RM5.4 million a year earlier.

Luster had in July 2009 come out with a regularisation plan which included a capital reduction, share split, rights issue, private placement and repayment of bank loans to rejuvenate its financials.

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