In a filing with Bursa Malaysia, the ceramic tile manufacturer and trader said the uplifting of the PN17 status came after the bourse regulator granted the group the waiver in a letter today.

“After taking into consideration the relevant facts and circumstances of the matter, Bursa Malaysia Securities has resolved to grant the company a waiver from complying with the Main Market Listing Requirements which requires a PN17 company to submit a regularisation plan to the regulatory authorities,” the filing said.

The group had applied for the upliftment from PN17, a classification for financially distressed companies, in April this year.

Seacera fell into the PN17 classification in April 2019 after defaulting on a payment of principal and profits to AmBank Islamic Bhd. The group’s total facilities outstanding with AmBank were RM22.15 million at the time.

For the nine months ended June 30, 2023, Seacera’s net profit rose 19.52% to RM5.31 million, from RM4.44 million a year ago. However, revenue for the period declined by 27.81% to RM39.68 million from RM55.22 million.

Seacera’s shares closed unchanged at 20.5 sen today, giving it a market capitalisation of RM128 million.