Kuala Lumpur, May 31: Propel Global Bhd, a provider of oil and gas services as well as downstream specialty chemicals to the O&G industry, has announced that the Group will be uplifted from the PN17 classification of the listing requirements effective today.
Propel Global received a letter dated yesterday in which Bursa Securities Malaysia Berhad had decided to grant the Group a modification of compliance based on the net profit for the three-month financial period ended 31 December 2022 and three-month FPE 31 March 2023, following the completion of its regularisation plan on 7 Oct 2022.
Bursa Securities 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.
“This is indeed good news. We have worked really hard to be uplifted from the PN17 status,” Angeline Lee, Group Chief Executive Officer of Propel Global said.
“Our financial performance speaks for itself as we have seen three straight quarters of profitability. We would like to thank our team for their efforts on the upliftment.”
Propel Global applied for the uplifting of the PN17 status on Feb 23.
PUC Berhad has announced its financial results for the first quarter ending March 31, 2023. During this period, the Group reported revenue of RM1.45 million, a decrease from RM5.45 million in the first quarter of 2022. The loss before tax (LBT) for 1Q 2023 amounted to RM6.83 million, compared to an LBT of RM7.85 million in 1Q 2022.
The Omnichannel business segment of PUC recorded revenue of RM1.05 million and a profit before tax (PBT) of RM0.82 million in 1Q 2023, compared to RM4.97 million and PBT of RM0.52 million in 1Q 2022. On the other hand, the Presto business segment, which includes e-commerce, payments, and loyalty points redemption and aggregation, generated RM0.40 million in revenue and incurred an LBT of RM4.64 million in 1Q 2023, down from RM0.48 million in revenue and LBT of RM5.11 million in the same quarter of the previous year.
Cheong Chia Chou, the Group Managing Director, and Chief Executive Officer of PUC, emphasized the Group’s focus on the Presto business, aiming to become a significant player in the loyalty redemption segment of the digital payments ecosystem. PUC intends to establish partnerships with brands and financial institutions to offer a wide range of products and services for its members and partners’ members to redeem their points.
The growth of PUC’s network through partnerships with BonusLink, Rise Advisory, and AirAsia is expected to contribute to the expansion of its e-commerce market. The Group will continue seeking regionally and locally aligned products and services that cater to customer preferences while striving for profitability that can sustain the business.
In line with their objectives, Presto recently signed a loyalty collaboration with VSing, enabling VSing members to enjoy additional value for their loyalty points.
Welcome to dailystraits.com. Please send all interview requests and press releases to editor@dailystraits.com.