Bursa Malaysia approves CN Asia regularisation plan

PETALING JAYA: Bursa Malaysia Securities Bhd has approved CN Asia Corp Bhd's regularisation plan which will see it sell two parcels of leasehold land in Serdang for RM36.68 million and reduce its share capital by 20%.
On top of that the company will also engage in cost reduction initiatives and business expansion plans. CN Asia designs, modernises and maintains industrial equipment in the energy, petro-chemical and industrial sectors.
CN Asia became a Practice Note 17 company in 2015, when its shareholders' equity fell 50% or less of the issued and paid-up capital (excluding treasury shares).
The company managed to register a net profit of RM580,000 for the first quarter ended March 31, 2017, compared with a net loss of RM499,000 for the same quarter in the preceding year. This was despite lower revenue of RM4.489 million, compared with RM5.337 million for the same quarter in 2016.
The stock was untraded. The last active closing price stood at 40 sen.