KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved Pestec International Bhd’s application for a waiver from being classified as an "affected listed company”. 

In a filing with Bursa Malaysia, the company said further to the approval, Pestec will continue to take necessary steps to strengthen the financial position while ensuring compliance with the Listing Requirements of Bursa Securities.

On Aug 19, trading of Pestec securities was halted for an hour from 3.01 pm after it triggered Bursa Malaysia’s Practice Note 17 (PN17) listing requirements due to its shareholders’ equity falling below 50 per cent of issued share capital, calculated based on the audited financial results of Pestech as at March 31, 2025.

Pestec said it would submit an application for a waiver from being classified as a PN17-affected listed issuer, citing measures already taken, such as undertaking the listing and quotation of 231.79 million restricted shares on the Main Market of Bursa Malaysia on June 13, 2025 at an issue price of RM0.12 per share.

In addition, Pestec said it has initiated a pre-packaged scheme of arrangement under Section 369C of the Companies Act 2016, which allowed the court to approve the scheme without any meeting of the scheme’s  creditors. - Bernama