News
Others
| Type | Announcement |
| Subject | OTHERS |
| Description |
PENTAMASTER CORPORATION BERHAD ("PCB" OR THE "COMPANY") SHARIAH NON-COMPLIANT SECURITIES BY SECURITIES COMMISSION OF MALAYSIA |
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The Board of Directors of Pentamaster Corporation Berhad (“PCB” or the “Company”) notes the unusual price movement and volume of PCB shares (Stock Code 7160) on the Main Market of Bursa Malaysia Securities Berhad. |
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The Company wishes to inform that PCB shares have been excluded from the list of Shariah- compliant securities published by the Securities Commission of Malaysia (“SC”) on 28 November 2019. The implication of being classified as Shariah non-compliant security is that shareholders who invest based on Shariah principles where the market price of the Shariah non-compliant securities exceeds or equal to the investment cost are required to dispose of the Shariah non-compliant securities, resulting in the share price volatility of PCB on 29 November 2019.
PCB wishes to strongly iterate that it is not involved in any Shariah non-compliant activities such as gambling, gaming or entertainment activities and / or manufacture or sale of non-halal (non-Islamic) products or related activities. The reason for the Company’s exclusion from the Shariah-compliant list published by SC was because PCB and its subsidiaries’ (“PCB Group”) Cash/Total Assets exceeded 33% as at 31 December 2018 and more than 5% of the interest earned from the cash deposits were not derived from interest earned under Islamic law with the deposits placed in Islamic accounts or Islamic instruments.
The above situation occurred as the Company’s cash position grew tremendously from its operations as well as the listing of its subsidiary, Pentamaster International Limited on The Stock Exchange of Hong Kong Limited in 2018. The Company has since rectified the situation in the first half of 2019 and the next updated list is expected to be made available in May 2020 by SC, based on the review of the audited financial statements released for financial year ending 31 December 2019. The SC publishes the listing twice a year based on historical audited financial statements.
The Company wishes to emphasise that the designation of PCB shares as Shariah non-compliant by the SC does not affect the operations and businesses of PCB Group.
This announcement is dated 29 November 2019.
Announcement Info
| Company Name | PENTAMASTER CORPORATION BERHAD |
| Stock Name | PENTA |
| Date Announced | 29 Nov 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-29112019-00065 |