In a filing with Bursa Malaysia today, the group said the winding up petition order, made under the provisions of the Companies Act, was dated March 29, 2023.

Jerasia said under the order, the official receiver has been appointed its liquidator and the cost of the petition amounting to RM5,000 is to be paid from its assets to AmBank, the petitioner.

The investment holding company engages in the manufacturing, wholesale, and retail of fashion apparels, accessories, and personal protective equipment in Malaysia and the US.

Jerasia was initially served the winding-up petition on Oct 31, 2022 by AmBank, which claimed Jerasia had failed to settle an outstanding sum of RM23.8 million as at Oct 4, 2022.

This was the amount due under a judgment dated Sept 7 and certificate of allocator dated Sept 21, 2022.

The company’s financial issues have been evident for some time now, having fallen under the Practice Note 17 (PN17) classification in January 2022.

On Feb 14 this year, Jerasia was publicly reprimanded by the stock exchange regulator, and eight of its directors were slapped with fines totalling RM600,000.

“Jerasia was publicly reprimanded for defaults in payment of various credit facilities by the company’s wholly-owned subsidiaries; Jerasia Fashion Sdn Bhd, Jerasia Apparel Sdn Bhd and Canteran Apparel Sdn Bhd,” Bursa Malaysia Securities said in a filing.

At the close of trade today, Jerasia was up 12.5% or half-a-sen at 4.5 sen, giving the company a market capitalisation of RM3.69 million. This is a far cry from the RM81 million valuation it saw at its peak in 2015.