APFT has five months to submit regularisation plan

PETALING JAYA: APFT Bhd today said there has been no material development on its regularisation exercise and that it has five months to submit its regularisation plan to the relevant authorities for approval.
Last week, a shareholder of APFT sought an injunction order to restrain the company from holding its AGM. The application was struck out with no liberty to file afresh, and no order made as to costs.
APFT was admitted into PN17 category in January after its shareholders’ equity fell below the 50% threshold.
Last month, the company announced that its board of directors were taking legal action against its former director Datuk Faruk Othman for allegedly misappropriating funds, causing the company to fall into the PN17 category and breach the Main Market Listing Requirements.
APFT external auditor Messrs Adam & Co had also highlighted a material uncertainty that could affect its ability to continue as a going concern after it incurred a net loss of RM67.57 million during the financial period between Aug 1, 2016 and Jan 31, 2018, as well as a negative operating cash flow of RM8.39 million as at Jan 31, 2018 (FY18). One of its subsidiaries was unable to meet its borrowings obligations during the financial period.