R&A Telecom given further time extension to submit restructuring plan

PETALING JAYA: Practice Note 17 (PN17) company R&A Telecommunication Group Bhd (R&A) has been given a further extension of up to April 30, 2017 to submit its regularisation plan.

In a filing with Bursa Malaysia yesterday, the group said it is required to make a requisite announcement on or before March 15, 2017.

R&A had previously terminated negotiations for the proposed buy of the entire equity interest in construction firm Synergy Goldtree Sdn Bhd, which was supposed to form part of its proposed regularisation plan.

Following the termination, the group said it has entered into an agreement for the proposed acquisition of the entire stake Forward Resources and Construction Sdn Bhd (FRCSB) in December last year.

R&A added it has also entered into a framework restructuring agreement, in which the vendors had deposited an aggregate sum of RM2.5 million with their solicitors to be utilised for the settlement of the scheme creditors of the company and its wholly-owned subsidiary under the debt restructuring scheme.

A team of advisers for the company’s regularisation plan had been appointed and commenced the due diligence exercise on FRCSB, it noted.

The group slipped into GN3 status in May 2015 after its auditors expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec 31, 2014.