KUALA LUMPUR (Feb 10): Shares of Perwaja Holdings Bhd fell as much as 30% in early trading, after the Practice Note 17 steel maker aborted its regularisation plan, following the lapse of its agreements with Chinese conglomerate Tianjin Zhiyuan Investment Group Co Ltd (Zhiyuan). Perwaja executive director Tan Sri Pheng Yin Huah told theedgemarkets.com today that the company aborted its plan, because it has yet to get the green light from its creditors, Petroliam Nasional Bhd (Petronas) and Tenaga Nasional Bhd (TNB), to the proposed regularisation scheme. So Petronas and TNB didn’t accept and didn't agree with Zhiyuan’s proposed plan. On Wednesday, Perwaja announced the proposed regularisation scheme has been aborted. The plan could have seen Zhiyuan emerge as the largest shareholder in Perwaja, with a 64% stake.

Source: The Edge Markets February 10, 2017 08:26 UTC