【PERWAJA 5146 交流专区】柏华嘉控股

哭哭鸟

柏华嘉首季亏6239万
2016年11月23日
http://www.enanyang.my/news/20161123/柏华嘉首季亏6239万/

（吉隆坡22日讯）由于出现一笔利息及折旧费用拖累，柏华嘉控股（PERWAJA，5146，主板工业产品股）截至9月30日首季，净亏6239万1000令吉或每股11.14仙。

该公司上财年同季，也蒙受6208万5000令吉净亏，或每股11.09仙。

此外，首季营业额从14万6000令吉，按年下跌43.84%至8万2000令吉，主要来自培训及教育业务。

至于该集团营业额主要贡献来源——钢坯制造及贸易业务，因为甘马挽厂房的天然气和电力供应被中断，所以从2013年8月开始已停止营运。

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2016	30 Sep 2015	30 Sep 2016	30 Sep 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	82	146	82	146
2	Profit/(loss) before tax	-62,391	-62,085	-62,391	-62,085
3	Profit/(loss) for the period	-62,391	-62,085	-62,391	-62,085
4	Profit/(loss) attributable to ordinary equity holders of the parent	-62,391	-62,085	-62,391	-62,085
5	Basic earnings/(loss) per share (Subunit)	-11.14	-11.09	-11.14	-11.09
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	-3.5000		-3.3900

icy97

柏華嘉白武士將祭重組計劃

（吉隆坡26日訊）柏華嘉（PERWAJA，5146，主板工業產品組）獲白武士天津致遠投資集團有限公司搭救，帶來先進機械，提昇其位於甘馬挽的廠房產能。

不過，白武士最終能否將柏華嘉從困境中解救出來，最終依然必須看所提呈的重組計劃是否獲得大馬交易所和債權人的批准。

柏華嘉執行董事丹斯里方天興向《The Edge》表示，該集團的重組方案預計需時2至3個月的時間，以獲得監管機構和債權人的批准，在獲得批准後，才能交棒給致遠。

他指出，銀行已經接受他們的重組方案，惟該公司分別欠債1億3200萬令吉和2億5000萬令吉的國家石油公司（Petronas）和國家能源（TENAGA，5347，主板貿服組）卻尚未點頭。

不過，方天興認為該兩個債權單位相信不會阻止重組計劃，因為他們有望從中獲得70%的欠款。

柏華嘉是於去年，與致遠簽署框架協議，後者預計投資18億令吉，且將崛起成為持股64%的大股東。

據消息來源指出，天津致遠料將於未來兩個月，開始帶入總值3億5000萬令吉的設施。

文章来源：
星洲日报‧财经‧2016.11.27

icy97

Date of change	18 Jan 2017
Name	DATO ONG TEE THONG
Age	63
Gender	Male
Nationality	Malaysia
Designation	Chairman
Directorate	Non Independent and Non Executive
Type of change	Resignation
Reason	Due to other personal commitments
Details of any disagreement that he/she has with the Board of Directors	No
Whether there are any matters that need to be brought to the attention of shareholders	No
Qualifications	1. Bachelor of Science (Estate Management) degree from the University of Singapore2. A Member of the Institution of Surveyors, Malaysia

icy97

Type	Announcement
Subject	OTHERS
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY")- NOTICE PURSUANT TO SECTION 218 OF THE COMPANIES ACT, 1965
The Board of Directors of the Company wishes to announce that a Notice pursuant to Section 218 of the Companies Act, 1965 was served on the Company’s wholly-owned subsidiary, Perwaja Steel Sdn Bhd (“PSSB”) on 23 January 2017 by Lembaga Kumpulan Wang Simpanan Pekerja (“KWSP”). Please refer to the attachment for details of the announcement. This announcement is dated 26 January 2017

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5326921

Attachments Perwaja - S218 Notice (EPF) (clean).pdf

icy97

公积金若追不回663万
柏华嘉钢铁或遭清盘

2017年2月3日
（吉隆坡2日讯）若无法按时偿还欠款，柏华嘉控股（PERWAJA，5146，主板工业产品股）独资子公司柏华嘉钢铁私人有限公司，或遭雇员公积金局（EPF）要求清盘。

柏华嘉控股上周四向马交所报备，EPF要求柏华嘉钢铁从1月23日起三周有限期内，偿还663万令吉的款项，否则将向该公司展开清盘申请。

根据早前与EPF定下的款约，子公司共欠债917万令吉。

不过，柏华嘉控股透露，子公司将无法偿还上述款项。

柏华嘉控股也指，早前已偿还了100万令吉，至于剩余917万令吉款项是随后累积下来的。

柏华嘉控股已向律师寻求法律咨询，以解决此事。

柏华嘉钢铁自2013年8月起停止营运，柏华嘉控股因而预测，清盘诉讼不会对业务有进一步影响。【e南洋】

Type	Announcement
Subject	OTHERS
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY")- NOTICE PURSUANT TO SECTION 218 OF THE COMPANIES ACT, 1965
The Board of Directors of the Company wishes to announce that a Notice pursuant to Section 218 of the Companies Act, 1965 was served on the Company’s wholly-owned subsidiary, Perwaja Steel Sdn Bhd (“PSSB”) on 23 January 2017 by Lembaga Kumpulan Wang Simpanan Pekerja (“KWSP”). Please refer to the attachment for details of the announcement. This announcement is dated 26 January 2017

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5326921

Attachments Perwaja - S218 Notice (EPF) (clean).pdf

icy97

Type	Announcement
Subject	OTHERS
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIMS FILED BY SYARIKAT AIR TERENGGANU SDN BHD
The Board of Directors of PHB wishes to announce that its wholly-owned subsidiary, Perwaja Steel Sdn Bhd (“Defendant”) had on 7 February 2017 received a Writ of Summons and Statement of Claims filed by Syarikat Air Terengganu Sdn Bhd (“Plaintiff”) against the Defendant. The Plaintiff is claiming from the Defendant for the outstanding water bills and the interest accrued thereon. The amount claimed for includes: (i)      Outstanding water bills amounting RM1,966,836.57; (ii)      Interest calculated on RM1,966,836.57 at the rate of 5% per annum from 1 April 2014 to 1 February 2017; (iii)     Interest calculated on RM1,966,836.57 at the rate of 5% per annum from 1 February 2017 to the date of full payment; (iv)     Costs of this action; and (v)     Such further and/or other relief as the Court deems fit. The case had been fixed for case management at the High Court of Kuala Terengganu on 1 March 2017. The maximum expected losses from the Writ of Summons and Statement of Claims, if any, arising from the litigation is as stated above. The Company will make such further announcement on the development on the above matter as and when necessary. This announcement is dated 8 February 2017.

icy97

柏华嘉重组计划告吹
方天兴:接洽新海外投资者

2017年2月8日

独家报道：姚思敏

（吉隆坡8日讯）因无法在指定期限内达成先决条件，中国天津致远投资集团协助柏华嘉控股（PERWAJA，5146，主板工业产品股）进行重组和转型的计划告吹。

同时，柏华嘉控股董事丹斯里方天兴指出，正与数名海外投资者洽谈着，引进新合作伙伴，以赶在今年3月30日前提呈重组计划。

柏华嘉控股今日向马交所报备，因无法在期限内，达成双方之前签署协议的先决条件，所以已通知致远投资该项协议失效。

加上双方也无意展延期限。因此，之前提及的柏华嘉控股重组计划也跟着告吹。

2015年7月，柏华嘉控股宣布，致远投资将注资18亿令吉入柏华嘉控股，协助重组和转型。

柏华嘉控股在重组计划中，建议通过特别发股和附加股，筹资22亿令吉，并以特别发股筹获的17亿令吉，用来购买新机械和设施，提升甘马挽厂房的产能，以生产高端不锈钢。

也是锦记钢铁（KINSTEL，5060，主板工业产品股）董事经理的方天兴向《南洋商报》透露，国家能源开出了重组计划的先决条件。惟柏华嘉控股和致远投资等，未能在期限内达成共识，及履行包括注入资金等承诺。

国能是柏华嘉控股的债主之一。

下月30日前提呈

方天兴说：“我们不能够再等下去了，所以决定取消该项计划。”

他继续说道，目前，有一些有兴趣的海外投资者接洽柏华嘉控股，并且在进行初步洽谈。

不过，他不愿进一步透露洽谈的详情，仅说重组计划的方式会有所改变。

同时，他说：“我们将会在近期内引进新的投资者。赶在3月30日大限前提呈重组计划给大马交易所。”

去年11月中，马交所批准柏华嘉控股把提呈重组计划的期限，进一步延长至今年3月30日。

登嘉楼水务追讨197万水费

柏华嘉控股今日也宣布接获登嘉楼水务私人有限公司（Syarikat Air Terengganu）通告，追讨约197万令吉水费和利息。

柏华嘉控股向马交所报备，子公司柏华嘉钢铁私人有限公司，昨日接获登嘉楼水务的通告，要求偿还逾196万6836.57令吉水费。

另外，还追讨从2014年4月1日至2017年2月1日期间，以每年5%利率计算的利息。

该案件将在下个月1日，在瓜拉登嘉楼高庭审理。【e南洋】

Type	Announcement
Subject	PRACTICE NOTE 17 / GUIDANCE NOTE 3 REGULARISATION PLAN
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY") PROPOSED REGULARISATION SCHEME OF PHB AND ITS SUBSIDIARIES
We refer to our announcements dated 15 July 2015 and 24 March 2016 in relation to the Master Framework Agreement and the Supplemental Master Framework Agreement (“Agreements”) between PHB, Perwaja Steel Sdn Bhd (“PSSB”) and Zhiyuan International Investment & Holding Group (Hong Kong) Co., Limited (“Zhiyuan”). On behalf of PHB, M&A Securities Sdn Bhd wishes to announce that the parties were not able to fulfil the conditions precedent within the timeline stipulated under the Agreements. Given the lapse of time to fulfil the conditions precedent, PHB and PSSB had on 8 February 2017 notified Zhiyuan that the Agreements have lapsed and expired and neither party shall have any obligation to the other. As such, the proposed regularisation scheme detailed in the requisite announcement on 15 July 2015 and 24 March 2016 have been aborted. The Board will decide on the next course of action, and will make a further announcement in due course. This announcement is dated 8 February 2017.

icy97

Type	Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID	IQL-13022017-00002
Subject	Writ of Summons and Statement of Claims Filed by Syarikat Air Terengganu Sdn Bhd
Description	Writ of Summons and Statement of Claims Filed by Syarikat Air Terengganu Sdn Bhd
Query Letter Contents	We refer to your Company’s announcement dated 8 February 2017, in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- 1) The operational impact of the Writ of Summons and Statement of Claims on Perwaja Holdings Berhad. 2) The steps taken and proposed to be taken in respect of the Writ of Summons and Statement of Claims.
Further to the Company's annoucement made on 8 February 2017 in respect of the aforesaid matter, the Board of Directors of Perwaja Holdings Berhad ("PHB") wishes to announce the following additional information: 1. The operational impact of the Writ of Summons and Statement of Claims on PHB. Reply: As PHB and its subsidiaries ("Group") have ceased operations since August 2013, there will be no operational impact of the Writ Of Summons and Statement of Claims on the Group. 2. The steps taken and proposed to be taken in respect of the Writ of Summons and Statement of Claims. Reply: With regards to the said Suit by Syarikat Air Terengganu Sdn Bhd, please note that a Restraining Order has been obtained on 7 February 2017 pursuant to Section 366(1) and 368(1) of the Companies Act 2016 with the effect of restraining any and/or all proceedings against Perwaja Steel Sdn Bhd ("PSSB"). By reason thereof, PSSB has instructed its solicitors to appear and inform the High Court of Kuala Terengganu on the same issue. Further announcement on the development of the above matter will be announced in due course. This announcement is dated 14 February 2017.

icy97

锦记柏华嘉不获CDRC援助
直接与债权人协调债务重组

2017年2月14日
（吉隆坡14日讯）由于无法符合要求，锦记钢铁（KINSTEL，5060，主板工业产品股）和柏华嘉控股（PERWAJA，5146，主板工业产品股）不再获政府的企业债务重组委员会（CDRC）援助，公司此后将直接与债权人协调债务重组计划。

双方昨天向马交所报备，自上本月7日（周二）起皆不受CDRC约束，可直接向债权人商讨重组计划。

寻新伙伴

“公司将会直接与债权人协调，董事部正商讨下一步的计划，并会在适当时机对外公布。”

在上周三，因无法在指定期限内达成先决条件，导致中国天津致远投资注资18亿令吉入柏华嘉控股，协助重组和转型的计划告吹。

柏华嘉控股董事，也是锦记钢铁董事经理的丹斯里方天兴曾经向《南洋商报》提到，正与数名海外投资者洽谈，引进新合作伙伴，以赶在今年3月30日前提呈重组计划。

回顾历史，锦记钢铁和柏华嘉控股在2013年9月27日，获CDRC“出手相救”，与债权人协调债务重组计划。

当时，两家公司提出的计划书，必须要符合该委员会对两家公司提出的重组原则。【e南洋】

Type	Announcement
Subject	OTHERS
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY") CORPORATE DEBT RESTRUCTURING COMMITTEE
We refer to our announcement dated 27 September 2013 in relation to the approval received from Corporate Debt Restructuring Committee (“CDRC”) to assist in the mediation between PHB and its subsidiaries with their lenders.  We further refer to our announcement dated 8 February 2017 where we announced that the Master Framework Agreement and the Supplemental Master Framework Agreement entered into between PHB, Perwaja Steel Sdn Bhd and Zhiyuan International Investment & Holding Group (Hong Kong) Co., Limited ("collectively known as Agreements") have lapsed and expired; and as such, the proposed regularisation scheme announced earlier has been aborted. Given the expiration of the Agreements, the Board of Directors of Perwaja (“Board”) regrets to inform that the CDRC has notified the Company of its removal from CDRC’s purview effective 7 February 2017. Moving forward, Perwaja will negotiate a resolution of its debts directly with the lenders. The Board is currently deliberating on the next course of action, and will make further announcement in due course. This announcement is dated 13 February 2017.

icy97

注入更多资金 下月完成洽谈
柏华嘉寻获新白武士

2017年2月23日

独家报道：姚思敏

（吉隆坡22日讯）柏华嘉控股（PERWAJA，5146，主板工业产品股）董事丹斯里方天兴披露，公司已找到新的白武士，相信对方将注入更大笔资金，并预计在3月中完成洽谈重组和转型计划。

亦是锦记钢铁（KINSTEL，5060，主板工业产品股）董事经理的方天兴向《南洋商报》指出，目前正与一名来自中国的投资者洽谈，协助柏华嘉控股重组和转型。

“该名投资者在香港有上市公司，是一位非常有条件的投资者，预计双方洽谈会在3月中完成。”

去年11月中，马交所批准柏华嘉控股把提呈重组计划的期限，进一步延长至今年3月30日。

此外，方天兴相信，新的投资者将会投入比中国天津致远投资集团更多的资金，来重振柏华嘉控股。

2015年7月，柏华嘉控股宣布，致远投资将注资18亿令吉入柏华嘉控股，协助重组和转型。

柏华嘉控股在重组计划中，建议通过特别发股和附加股，筹资22亿令吉，并以特别发股筹获的17亿令吉购买新机械和设施，提升甘马挽厂房的产能，以生产高端不锈钢。

不过，由于无法在指定期限内达成先决条件，致远投资集团的注资计划在本月初已告吹。

对方要求更好条件

方天兴说：“我们必须在5月之前，解决目前所面对的问题，相信解决方式会非常痛苦，因为对方会要求更好的条件。”

早前，柏华嘉控股向马交所报备，吉隆坡高庭在2月7日颁布，禁止任何一方包括债权人，对公司展开法律行动，该禁令为期90天； 此外，也批准把国能向公司提出清盘申请的审讯，延后至5月15日。

次季净亏6291万

另一方面，柏华嘉控股截至去年12月31日财年次季，净亏显著收窄至6291万令吉，或每股净亏11.23仙，上财年同季为净亏1亿6496万令吉或每股29.46仙。

该公司持续蒙受亏损，主要是因为面对3470万令吉的利息开支，还有790万令吉的折旧和设备注销费用。

同时，公司次季营业额按年锐减56%至7万1000令吉。

合计上半年，改善净亏1亿2530万令吉或每股净亏22.37仙，低于上财年同期的2亿2704万令吉或每股40.54仙；营业额则下跌50%，达15万3000令吉。

锦记钢铁今年难转盈

虽然锦记钢铁（KINSTEL，5060，主板工业产品股）截至去年12月31日次季的净亏有所收窄，但方天兴预计，该公司今年内难以转亏为盈。

锦记钢铁昨天宣布，次季净亏从上财年同季的1682万令吉或每股净亏1.61仙，收窄至826万令吉或每股0.79仙，主要是因为钢铁价格改善，以及子公司的生产力提高。

重组牵制展望

至于次季营业额则按年微跌1%，从上财年同季的7430万令吉，收窄至7385万令吉。

合计上半年，公司净亏1973万令吉，比上财年同期的3532万令吉净亏有所改善；而营业额则按年下跌3%，达1亿2524万令吉。

锦记钢铁指，公司的展望高度依赖是否成功与金融机构及主要债权人执行重组计划，同时，公司必须取得盈利，以便有足够的资金还债。

整体而言，公司的展望持续面对挑战。

方天兴指：“由于公司受到柏华嘉控股的影响，仍面对资金周转不灵的困境，所以很难在今年内转亏为盈。不过，我相信业绩表现将会更好。”

他指，若是柏华嘉控股成功重组，锦记钢铁会与债权人和银行执行新的重组计划。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	71	162	153	308
2	Profit/(loss) before tax	-62,905	-164,958	-125,296	-227,042
3	Profit/(loss) for the period	-62,905	-164,958	-125,296	-227,042
4	Profit/(loss) attributable to ordinary equity holders of the parent	-62,905	-164,958	-125,296	-227,042
5	Basic earnings/(loss) per share (Subunit)	-11.23	-29.46	-22.37	-40.54
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	-3.6100		-3.3900

icy97

与潜在投资者初步洽谈
柏华嘉未签约束合约

2017年2月24日
（吉隆坡24日讯）柏华嘉控股（PERWAJA，5146，主板工业产品股）澄清，没有和潜在投资者签署具有约束力的合约。

柏华嘉控股今日向马交所报备，自与中国天津致远投资集团的合约告吹后，公司仍继续探索其他与第三方合作的机会，以重振公司表现。

针对《南洋商报》周四刊登的独家新闻，柏华嘉控股指出，虽然公司正与潜在投资者洽谈，但尚在初步阶段，且一切还取决于协商、精密审核、批准和最终合约的签署。

早前，柏华嘉控股并没有和潜在投资者签署具约束力的合约。

针对重组计划，该公司透露，若有任何显著进展，公司都会做出必要公布。

周三，柏华嘉控股董事丹斯里方天兴向本报披露，公司已找到新的白武士，相信对方将注入更大笔资金，并预计在3月中完成洽谈重组和转型计划。

他说：“该名投资者在香港有上市公司，是一位非常有条件的投资者，预计双方洽谈会在3月中完成。”

去年11月中，马交所批准柏华嘉控股把提呈重组计划的期限，进一步延长至今年3月30日。 【e南洋】

Type	Announcement
Subject	OTHERS
Description	PERWAJA HOLDINGS BERHAD ("PHB" OR THE "COMPANY") ARTICLE PUBLISHED IN NANYANG SIANG PAU ON 23 FEBRUARY 2017
We refer to the article in relation to PHB published in Nanyang Siang Pau, page A18 on 23 February 2017. The Company wishes to clarify that following the lapse of the agreements with Zhiyuan International Investment & Holding Group (Hong Kong) Co., Limited as announced on 8 February 2017, the Company has continued with its efforts to explore other options with other third parties to revive the operations and business of the PHB group. Although the Company has engaged in discussions with a potential investor, such discussions are still preliminary and are subject to negotiations, due diligence, approvals and execution of definitive agreement (if successful). Todate, there is no binding agreement between PHB and the potential investor. The Company will make the necessary announcement(s) when there is any material development relating to its regularisation plan or upon the execution of binding agreements with the relevant parties. This announcement is dated 24 February 2017.

icy97

PERWAJA HOLDINGS BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Conversion of Loan Stocks
Details of corporate proposal	Conversion of 7% 7-Year Redeemable Convertible Unsecured Loan Stocks ("RCULS")
No. of shares issued under this corporate proposal	19,010,100
Issue price per share ($$)	Malaysian Ringgit (MYR)   1.0000
Par Value ($$)	Malaysian Ringgit (MYR)   0.000
Latest issued and paid up share capital after the above corporate proposal in the following
Units	579,010,100
Currency	Malaysian Ringgit (MYR) 0.000
Listing Date	31 Mar 2017

icy97

PERWAJA HOLDINGS BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Conversion of Loan Stocks
Details of corporate proposal	Conversion of 7% 7-Year Redeemable Convertible Unsecured Loan Stocks ("RCULS")
No. of shares issued under this corporate proposal	9,416,000
Issue price per share ($$)	Malaysian Ringgit (MYR)   1.0000
Par Value ($$)	Malaysian Ringgit (MYR)   0.000
Latest issued and paid up share capital after the above corporate proposal in the following
Units	589,845,900
Currency	Malaysian Ringgit (MYR) 0.000
Listing Date	17 Apr 2017

icy97

柏华嘉展延重组遭拒
下月4日除牌

2017年4月20日
（吉隆坡20日讯）柏华嘉控股（PERWAJA，5146，主板工业产品股）延长提呈重组计划期限的申请，今日遭大马交易所拒绝，并勒令于5月4日除牌，重组计划受阻。

由丹斯里方天兴持有的柏华嘉控股，今天向交易所报备，该公司在3月31日，向交易所提出申请，想要延长呈交重组计划限期至今年9月30日。

不过，交易所今日回应，拒绝了该项延长期限的申请。

根据文告，柏华嘉控股将在5月2日开始暂停交易，并在5月4日除牌。惟该公司能在4月28日前，针对除牌的指示上诉。

早前，因无法在指定期限内达成先决条件，中国天津致远投资集团助柏华嘉控股进行重组和转型的计划告吹。

过后柏华嘉控股仍积极寻找白武士。【e南洋】


Suspension and De-listing of Perwaja Holdings Berhad

PERWAJA HOLDINGS BERHAD

Bursa Malaysia Securities Berhad (Bursa Securities) has rejected the application of the Company for an extension of time to submit its regularisation plan. Hence, the Company has failed to comply with its obligation to regularise its condition within the stipulated timeframe.

In the circumstances and pursuant to paragraph 8.04(5) of the Bursa Securities Main Market Listing Requirements, please be informed that:-

(a)    the trading in the securities of the Company will be suspended with effect from 2 May 2017; and

(b)    the securities of the Company will be de-listed on 4 May 2017 unless an appeal against the de-listing is submitted to Bursa Securities on or before 28 April 2017 (“the Appeal Timeframe”). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.

In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on 4 May 2017 shall be deferred pending the decision on the Company’s appeal.

With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn Bhd (“Bursa Depository”), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the Company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.

Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

icy97

柏华嘉上诉暂缓除牌

2017年4月29日
（吉隆坡28日讯）柏华嘉控股（PERWAJA，5146，主板工业产品股）已经针对马交所勒令除牌的议决提出上诉。

该公司今天向交易所报备，针对早前马交所拒绝展延重组计划的申请，并勒令于5月4日除牌的议决，该公司已提出上诉，这意味着除牌令将暂缓执行。

由丹斯里方天兴持有的柏华嘉控股，在3月31日向交易所提出申请，要求延长呈交重组计划限期至今年9月30日。

然而，这项申请在本月20日遭马交所拒绝，并勒令5月2日暂停交易，于5月4日除牌。

惟该公司能在4月28日或之前，针对除牌的议决提出上诉。

早前，因无法在指定期限内达成先决条件，导致中国天津致远投资集团助柏华嘉控股进行重组和转型的计划告吹，目前，该公司仍积极寻白武士。 【e南洋】

Type	Announcement
Subject	PRACTICE NOTE 17 / GUIDANCE NOTE 3 SUSPENSION AND/OR DELISTING
Description	SUBMISSION OF APPEAL AGAINST DE-LISTING
We refer to the announcement made on 20 April 2017 where Bursa Malaysia Securities Berhad (“Bursa Securities”) issued the letter of suspension and de-listing of the securities of Perwaja from Bursa Securities. On behalf of the Board of Directors of the Company, M&A Securities Sdn Bhd wishes to announce that it had on 28 April 2017 submitted an appeal against the de-listing to Bursa Securities (“Appeal”). The removal of the securities of Perwaja from Bursa Securities on 4 May 2017 shall be deferred pending the decision on the Appeal. This announcement is dated 28 April 2017.

icy97

设备注销拖累．柏华嘉第三季续亏损

（吉隆坡22日讯）设备注销拖累，柏华嘉（PERWAJA，5146，主板工业产品组）截至2017年3月31止第三季亏损收窄至5603万令吉，前期净亏6791万令吉，首9个月则从净亏2亿9495万2000令吉收窄至净亏1亿8132万6000令吉。

9个月净亏1.8亿

营业额则所剩无几，主要是来自训练和教育业务，第三季营业额下跌24.72%至14万3000令吉，首9个月营业额则下挫40.56%至29万6000令吉。

尽管该公司成功在4月28日之前申请上诉，暂缓除牌，但目前仍在等待大马交易所回应。同时，该公司在被大马债务重组委员会（CRDC）撤出重组名单，必须各别面对债券人。

还有，法庭也将在7月21日召开国能对柏华嘉清盘聆讯，整体而言管理层认为，公司未来营运充满挑战。

文章来源：
星洲日报‧财经‧2017.05.23

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	143	190	296	498
2	Profit/(loss) before tax	-56,030	-67,910	-181,326	-294,952
3	Profit/(loss) for the period	-56,030	-67,910	-181,326	-294,952
4	Profit/(loss) attributable to ordinary equity holders of the parent	-56,030	-67,910	-181,326	-294,952
5	Basic earnings/(loss) per share (Subunit)	-10.00	-12.13	-32.38	-52.67
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	-3.5600		-3.3900

Tony-Pua

柏华嘉除牌照重组．银行变卖资产偿债
http://www.sinchew.com.my/node/1646962/

（吉隆坡26日讯）消息人士披露，柏华嘉（PERWAJA,5146,主板工业产品组）重组延期申请驳回后，下周二（30日）起正式下市，此后该公司还是继续重组中，基于积欠巨款，银行方将变卖资产偿债。

可靠消息人士向《星洲财经》透露，柏华嘉下市实在非常无奈，除了面临国家石油（Petronas）与国家能源（TENAGA,5347,主板贸服组）两大债权人阻挠，欲对下市提出上诉未果，目前只看银行如何给予机会重组。

交易所否决上诉

柏华嘉昨日发表文告说，大马股票交易所已经否决了该公司要求展延提呈财务正常化计划的上诉，并决定根据上市条例8.04条文将该公司股票除牌。

该公司原定5月4日除牌，4月28日提出上诉，虽获准暂缓除牌，但最终难逃除牌命运。

该股从5月2日起暂停交易，当时股价为1仙。

柏华嘉总共积欠国油1亿3200万令吉，并拖欠国能2亿5000万令吉。该公司在2016年6月30日财政年亏损达3亿8700万令吉，当时的净负债达24亿4900万令吉，资本不足达18亿9600万令吉。

截至上财政年该公司亦无法偿付贷款，当时集团贷款与银行透支达11亿1700万令吉。

该公司2013年11月26日列为PN17公司，目前正积极与银行磋商重组债务；曾受令于2017年3月30日前提呈合理化计划，当天再申请延长提呈合理化计划至2017年9月30日，惟于4月20日受马交易所否决。

柏华嘉曾经是大马倾国之力，欲打造的国营钢铁业。这家钢铁公司是第四任首相敦马哈迪医生的心血结晶，当时设立柏华嘉之原意是带领大马迈入重工业。

自1982年设立以来，曾多次试图拯救这家公司，然而以失败告终。

早在2008年的全球金融海啸之前，柏华嘉曾于2006、2007与2008年受高钢铁价和中国强劲需求支撑，曾尝过盈利的甜美。

柏华嘉2015年7月15曾与天津致远集团，就合理计划进行各项安排；在上述计划下，致远集团计划注入18亿令吉，以生产电器、汽车用途高端钢铁，藉以使柏华惹转亏为盈。不过，最终未能如愿以偿。

由于国字辈两大债权人不放行，导致原欲注资柏华嘉的中国天津致远集团拉倒，一度站在国家钢铁企业高度的柏华嘉也难脱窘境。

文章来源：
星洲日报／财经 ‧独家报道：张启华‧2017.05.26


De-Listing of Perwaja Holdings Berhad

PERWAJA HOLDINGS BERHAD

Bursa Malaysia Securities Berhad (Bursa Securities) had dismissed Perwaja Holdings Berhad’s appeal for an extension of time to submit the regularisation plan to the relevant authorities for approval and decided to de-list the Company pursuant to paragraph 8.04 of the Bursa Securities Main Market Listing Requirements.

In the circumstances, the securities of the Company will be removed from the Official List of Bursa Securities on Tuesday, 30 May 2017.

Effect of De-listing from the Official List of Bursa Securities

With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn Bhd ("Bursa Depository"), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the company’s securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold their securities in the form of   physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the company have been de-listed from the Official List of Bursa Securities.

This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.

Upon the de-listing of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

墨士甲

年头还有一毛多的股，转眼就停牌了。很恐怖咯！

icy97

李文龙．柏华嘉下市了！

近期钢铁业虽已好转，惟负债累累的柏华嘉（PERWAJA，5146，主板工业产品组）却撑不下去了，无法支持到扭转劣势翻身时机。它将在本周二（30日）从马股除牌，标志着这家国家重工业先驱，经过35年起落，终于在灰头灰脸下收场。

无独有偶，在柏华嘉宣布将从马股除牌前一天，另一家国家重工业先驱──国产车普腾，日前也宣布将49.9%股权脱售给中国合作伙伴-吉利控股集团，对大马而言也是项打击，因就算日后成功，也不再完全属于大马，令人不胜唏嘘！

柏华嘉的失败，个中问题可说是千丝万缕，一言难尽。可是它为大马带来的一些较为明确的启示，值得大家作为借镜，以免重蹈覆彻。

柏华嘉是由政府成立推动重工业的国营公司，也曾有过短暂的辉煌时光，同时也连锁性地带动钢铁业及相关领域发展，这也是当它面临困境时，政府为了顾全大局，也会给予庞大财援支助。

这无形中令它有恃无恐，员工士气松懈及管理不当，无法精益求精，实是导至它陷入困境，无可自拔的关键。

1996年，柏华嘉蒙受数十亿令吉亏损，政府被逼将它私营化，惟仍是问题重重及挑战不减，使它难在竞争激烈的市场生存。或许它已完成其初创时使命，至今是时候走入历史。

这也显示政府最好不要直接主宰商业活动，应该是由私人界以在商言商方式及导向来经营，有关发展计划必须具备商业逻辑及可行性，没有政治考量，经得起严峻全球市场的磨炼，精益求精以时并进，才有望持续迈进及永续经营。

近年来，全球钢铁业市场竞争激烈，特别是中国经济崛起，钢铁产品供过于求，对大马市场来说，它的钢铁产品超廉宜。虽然大马当局向中国为主的外来钢铁产品实施限制与增税，惟本地钢铁产品的竞争压力仍不小，这也是柏华嘉未能撑到最后的个中原因。

柏华嘉也曾试图寻求合作伙伴求存，特别是来自中国的潜在合作伙伴，惟至今未取得实质成果，这也可能是其业务重组计划，在逾期后仍未见出炉，从而落入从马股除牌命运。

柏华嘉在除牌后，仍会以非上市公司方式继续经营，惟它是否能在摆脱上市管制约束，最后脱颖而出再造辉煌，又或是已经是“时不予我”、大势已去而被逼清盘，惟有拭目以待。

文章来源：
星洲日报‧投资致富‧投资茶室‧文：李文龙‧2017.05.28

哭哭鸟

锦记KINSTEL & 柏华嘉PERWAJA的没落

虽然钢铁行业在去年开始恢复元气，但是负债累累的PERWAJA却撑不下去，无法等到扭转劣势的时机。随着在今年5月下市，这也标志着PERWAJA在经过35年起落后，以灰头灰脸的形态收场。

回顾35年前，当时的首相敦马在1982年当朝年代设立国营企业PERWAJA，主要为了合理化钢铁行业以及推动本地的重工业。然而，PERWAJA却在不久后面临严重财务问题，蒙受巨额亏损。政府逼于无奈在1996年将PERWAJA收购，并在2003年进行私有化。

在2005年，KINSTEL以RM298m的现金加新股收购PERWAJA的51%股权。作为华资企业，KINSTEL接管背景复杂的PERWAJA后，一直都引起市场高度关注。到了2008年，集团掌舵人丹斯里方天兴成功重塑PERWAJA，不仅逐步卸下沉重债务，录得亮丽业绩，更在不久后挂牌上市。当时，方天兴也被视为帮助后者再创高峰的新钢铁大王。

然而，在钢铁价格低迷、高生产成本、以及PERWAJA债台高筑的当下，方天兴掌管的KINSTEL似乎才是需要帮忙的一方。由于PERWAJA的巨额累积亏损及负债，KINSTEL的身价遭到严重拖累，从多年前的RM800m左右萎缩至目前的RM26m。

PERWAJA总共积欠Petronas大约RM132m，欠Tenaga大约RM250m。目前，其总债务更是高达达RM1.4b。在无力支付的情况下，PERWAJA甘马挽厂房的天然气和电力供应中断，自2013年起就暂停营运。早前，多家银行已愿意接受债务合理化计划，但是没有Petronas和Tenaga两大债权人的点头，合理化计划难以成事。

在2015年，PERWAJA曾与天津致远集团，就合理计划进行各项安排。致远集团计划注入RM1.8b资金，以生产电器、汽车用途高端钢铁，藉以使PERWAJA转亏为盈。不过，最终未能如愿以偿，难逃下市命运。

自1982年成立以来，政府曾多次试图拯救这家公司，然而以失败告终。即便多次面临困境，政府早前为了顾全大局，也会给予庞大财援支助。这无形中导致管理层松懈以及管理不当，是PERWAJA走入历史的主要原因。

方天兴在2年前曾对媒体描述，不为收购PERWAJA股权一事感到后悔。他认为这更多是严峻的商业环境和钢铁领域所造成的下场。就算时间倒退，他依然还是会为PERWAJA赌一把。

至于KINSTEL，大马交易所在11月拒绝展延提成2017年报的申请。由于仍无法在今日期限 (11/7) 交出，集团将在明天 (11/8) 起停牌。这主要因为无法偿还拖欠的审计费，而审计师不愿再为KINSTEL进行审计工作。

目前，KINSTEL正进行债务重组来解决资金问题。其前景很大程度取决于债务重组活动能否成功。 为了可以准时履行债务义务，集团必须有利润的营运，并在未来生产足够的现金。

本专页认为，若没有白武士愿意解救KINSTEL，基本上它将尾随PERWAJA的脚步，除牌下市。这只是时间上的问题。你们认为呢？


RH Research