Impiana Hotels says it will not be classified as PN17 despite triggering criteria

KUALA LUMPUR (Nov 12): Impiana Hotels Bhd said it has triggered the prescribed criteria of Practice Note 17 (PN17) under the Main Market Listing Requirements but will not be classified as a PN17 company, thanks to Bursa Malaysia's relief measures.

In a bourse filing, the hospitality operator said its external auditor, Messrs Moore Stephens Associates PLT, has highlighted a material uncertainty related to its going concern in the group’s audited financial statements for the financial year ended June 30, 2021.

The auditor also highlighted that the group’s shareholders’ equity deficit of RM41.596 million as at June 30 is less than 50% of its share capital of RM456.23 million.

However, the group said it will not be classified as a PN17 company, in line with the measures announced by Bursa Malaysia in April 2020, under which affected groups will be accorded relief from complying with the PN17 obligations for a period of 18 months.

"The company will re-assess its condition and announce whether it continues to trigger any of the criteria upon the expiry of the 18 months from Oct 29, 2021," said Impiana.

Impiana’s net loss for the six months ended June 30, 2021 narrowed to RM10.75 million, from RM56.6 million a year earlier, mainly due to a gain on disposal of shares from Impiana Tioman Villa & Residence.

Six-month revenue dropped 42.34% to RM19.5 million, from RM33.82 million.

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