PETALING JAYA: Umno-linked media company Utusan Melayu (M) Bhd has been classified as a Practice Note 17 (PN17) company, denoting its financials were inadequate as a listed entity. In a filing with Bursa Malaysia yesterday, the company, which has defaulted on loans from Bank Mualamat Malaysia Bhd and Maybank Islamic Bhd, said that it would need to come up with a regularisation plan within the next 12 months. If it fails to come up with a plan, it risks being delisted from the stock exchange. For its first quarter ended March 31, 2018, Utusan continued its losing streak, chalking up a loss of RM5.8mil. The company had been depending on government assistance to stay afloat over the past two years and all hopes of such nature to stay afloat faded when Umno-led Barisan Nasional was ousted from the government on May 9.

Source: The Star August 20, 2018 13:52 UTC