KUALA LUMPUR: Cash company Pimpinan Ehsan Bhd (PEB) today announced that Bursa Malaysia Securities has given it until Sep 30, 2024 to submit its regularisation plan to the Securities Commission (SC).

Bursa Securities said the extension of time does not stop it from proceeding to suspend the trading of the listed securities of PEB and to de-list the company in the event:

(i)      the company fails to submit a regularisation plan to the SC on or before Mar 31, 2024;

(ii)      the company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or

(iii)    the company fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

PEB's regularisation plan includes subdivision of PEB shares into two, the purchase of reNIKOLA Holdings for RM339.4 million by way of issuance of new shares in PEB at RM1.2867 per share and placement of up to 80 million new shares after the acquisition of reNIKOLA, among others.

As at Dec 31, 2023, the company had cash and cash equivalents of RM65.5 million.

PEB, which assumed the listing status of TRIplc Bhd, was classified as a Practice Note 16, or cash company, on May 31, 2018 after it disposed of its principal subsidiary, TRIplc Bhd, to Puncak Niaga Holdings Bhd.

As a cash company, PEB is required to, among others, regularise its condition by submitting a proposal to acquire a new core business to the Securities Commission Malaysia .

PEB's share price closed unchanged at 98.sen a share today, giving it a market capitalisation of RM68 million.