The ceramic tile manufacturer and trader hit its intraday high of 39 sen, up 18.5 sen from 20.5 sen at yesterday’s close, in the morning session.

It pared its gains to close seven sen or 34.15% higher at 28 sen, valuing the group at RM167 million. A total of 26.99 million shares changed hands today.

The group was allowed to exit from its PN17 classification at 9am today after Bursa Malaysia Securities Bhd (Bursa Securities) granted it a waiver from having to submit a regularisation plan yesterday.

“After taking into consideration the relevant facts and circumstances of the matter, Bursa 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 group said in its bourse filing yesterday.

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

The company fell under 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.