Bertam Alliance to exit PN17 after seven years

• Bertam Alliance first fell into PN17 status on April 4, 2018, following a winding-up order issued against its wholly owned unit, Bertam Development Sdn Bhd, which accounted for at least 50% of the company’s total assets at the time.

KUALA LUMPUR (June 11): Property developer Bertam Alliance Bhd (KL:BERTAM) is set to exit Bursa Malaysia's Practice Note 17 (PN17) category for financially distressed companies on Thursday (June 12), after being in the status for seven years.

In a statement released on Wednesday, Bursa Securities announced that Bertam Alliance has successfully regularised its financial condition and no longer triggers any of the PN17 criteria as stipulated under the Main Market Listing Requirements of Bursa Malaysia.

“After taking into consideration the relevant facts and circumstances of the matter, Bursa Securities has resolved to approve the company’s application for an early upliftment from being classified as an affected listed issuer pursuant to PN17,” the bourse regulator stated.

Bertam Alliance first fell into PN17 status on April 4, 2018, following a winding-up order issued against its wholly owned unit, Bertam Development Sdn Bhd, which accounted for at least 50% of the company’s total assets at the time.

In February 2023, the group unveiled its proposed regularisation plan, which involved the issuance of 74.4 million new shares to Richard Ling Do Nyean and Law Ngia Meng for RM5.58 million, a capital reduction of RM90 million, and a rights issue of up to 161.27 million shares with free warrants.

The company has maintained profitability for five consecutive quarters. For the first quarter ended March 31, 2025 (1QFY2025), Bertam Alliance reported a net profit of RM219,000, down from RM744,000 a year earlier. This decline was primarily due to a 41% year-on-year drop in revenue, from RM9.54 million to RM5.58 million.

Bertam Alliance shares closed 1.5 sen or 10.7% higher at 15.5 sen on Wednesday, giving the group a market capitalisation of RM75 million.

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