In a statement today, Bursa Malaysia Securities Bhd (Bursa Securities) said it approved the group’s application for an upliftment from being classified as a PN17 company after “due consideration of all facts and circumstances of the matter”.

“With the completion of the regularisation exercise, PGB has regularised its financial condition and level of operations and no longer triggers any of the criteria under Paragraph 2.1 of Practice Note 17 of the Main Market Listing Requirements,” the regulator said.

PGB returned to the black in its third quarter ended March 31, 2023 (Q3 FY2023) with a net profit of RM831,000, compared to a net loss of RM6.9 million a year earlier.

Revenue increased 12.3% to RM24.7 million in the quarter from RM22 million a year ago, with the expansion of its range of services.

For the nine-month period (9M FY2023), PGB posted a net profit of RM6.2 million, compared to a net loss of RM13.1 million previously. Revenue rose 14.3% to RM67.4 million from RM59 million for 9M FY2022.

In March 2018, Daya Materials fell under the PN17 classification after its shareholder equity fell below 25% of its issued capital as at Dec 31, 2017.

PGB had taken over the listing status of Daya Materials in April last year.

Its shares closed unchanged at 21 sen today, giving the group a market capitalisation of RM126.91 million.