Talam out of PN17 list

KUALA LUMPUR: Talam Corporation Bhd will no longer be on the Practice Note 17 (PN17) list effective Thursday, June 10.

Talam told Bursa Malaysia Securities on Wednesday June 9 it had regularised its financial condition and that it "no longer triggers any of the criteria under Paragraph 2.1 of the PN17 of the Main Market Listing Requirements".

PN17 is a classification for companies that are in financial distress. Companies in this list would have to comply with the obligations to regularise its financial conditions; otherwise delisting procedures shall be taken against it.

Talam had been admitted into the PN17 list since Sept 1, 2006. Its auditors were unable to "express their opinion on the company's audited accounts" for its financial year ended Jan 31, 2006.

The company said it had in April submitted its application to Bursa Malaysia to remove the company from the PN17 list. In the last of its settlements, it had paid its debts amounting to RM241.37 million to the Menteri Besar of Selangor (Incorporated) through disposal of properties and cash payments, it said.

Talam's shares, closed unchanged on Wednesday at 14 sen with over 21 million shares changing hands.