APFT plans to buy educational business in bid to exit PN17 status

PETALING JAYA: APFT Bhd is planning to acquire educational assets/business from HELP International Corp Bhd (HIC) in a bid to be uplifted from the Practice Note (PN17) status.

This comes after Bursa rejected APFT’s third extension of time application last week to submit its regularisation plan, as the company did not demonstrate to the satisfaction of Bursa any material development towards the finalisation and submission of the regularisation plan.

It was supposed to submit its proposed regularisation plan before Jan 18.

The aviation training provider told Bursa Malaysia today that it had entered into a memorandum of understanding with HIC with a view of entering into a definitive sale and purchase agreement for the acquisition, as part of its regularisation plan.

“The MoU allows the parties to negotiate exclusively for at least a period of six months and sets out the understanding and intention in respect of the proposed regularisation plan,” it said.

Apart from the proposed acquisition, its proposed regularisation plan will also involve other key proposals including a fundraising exercise.

APFT has been a Practice Note 17 company since January 2018 after the shareholders’ equity fell below the 50% threshold. Following Bursa’s rejection to grant more time to submit the revamp plan, its shares will also be delisted on March 16 unless an appeal against the delisting is submitted to Bursa by tomorrow.

In a separate filing, APFT said in light of the rejection, it has issued a termination letter to QEOS LED Sdn Bhd to terminate the MoU which was entered into on Jan 9 with immediate effect.

APFT had proposed to acquire the entire equity stake in QEOS Energy Sdn Bhd, also as part of its proposed regularisation plan.

QEOS Energy is involved in the assembling, manufacturing, distributing, supplying of solar energy systems products and supplying light-emitting diode lighting systems.

source https://www.thesundaily.my/business/apft-plans-to-buy-educational-business-in-bid-to-exit-pn17-status-DX2110137