KUALA LUMPUR: Propel Group Bhd, a provider of oil and gas services as well as downstream specialty chemicals, says it will be uplifted from the PN17 classification of the listing requirements effective from today.
Propel Global received a letter dated May 30 from Bursa Malaysia granting it a modification of compliance based on the net profit for the three-month financial period ended Dec 32 2022 and three-month ended March 31 2023, following the completion of its regularisation plan on Oct 7 last year.
"Bursa also noted that Propel Global no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the listing requirements as the group has regularised its financial condition and level of operations," said Angeline Lee, its group chief executive officer.
"This is indeed good news. We have worked really hard to be uplifted from the PN17 status. Our financial performance speaks for itself as we have seen three straight quarters of profitability," she added.
Propel Global applied for the uplifting of the PN17 status on Feb 23.