SEPANG, Oct 4 (Bernama) -- MMAG Holdings Bhd stated that it is not experiencing any cash flow issues or financial distress, despite triggering Paragraph 2.1(g) of Guidance Note 3 (GN3) of the ACE Market listing requirements.
Executive director Victor Chin Boon Long said the company has engaged with Bursa Malaysia Securities to inform them that a self-regulation plan is in place.
“We have taken the necessary measures to overcome all the financial distress concerns,” he told the media on the sidelines of the strategic partnership event between MMAG Aviation Consortium Sdn Bhd (MAC) and Unilode Aviation Solutions, here today.
Also present were Transport Minister Anthony Loke Siew Fook and Unilode chief executive officer Ross Marino.
Chin said the company has raised RM240 million, consisting of RM145.34 million rights issue and securing RM92.09 million through the conversion of warrants, even before the company was assigned the GN3 status.
On Wednesday, Bursa Malaysia Securities classified MMAG Holdings as a GN3 status company after triggering Paragraph 2.1(g) of GN3 of the ACE Market listing requirements.
In a filing with Bursa Malaysia, the group revealed that external auditors have expressed material uncertainty regarding the going concern of the company in the audited financial statements for the financial year ended March 31, 2023.
In addition, the shareholders’ equity of the company on a consolidated basis is 50 per cent or less of its issued share capital calculated based on the unaudited financial results of the company as of June 30, 2024.
Yesterday, the company submitted an application for a waiver from being classified as an affected listed issuer after triggering the GN3 criteria.
Meanwhile, Chin said the partnership with Unilode would enable MAC to deliver enhanced services to its customers and set the stage for further potential collaborations.
The partnership will begin with Unilode providing Unit Load Device (ULD) management to MJets Air Sdn Bhd, the commercial air cargo unit within MAC.
Unilode will also provide ULD management and planning, access to Unilode’s ULD repair centres across 50 global airports, and its suite of digital ULD services.
-- BERNAMA
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