Special PN17 - Jerneh
Jerneh Asia Bhd (JAB), categorised as a PN17 company recently, clarifies that it was placed in the category position due to technicality following the disposal of its core insurance business. "JAB's status under PN17 should not be confused with other PN17 companies under distress. In JAB's case, the loss of a core business has technically placed us under the same category," said managing director Tam Chiew Lin in a statement issued by the company. While the Bursa listing requirements have categorised JAB under PN17 due to the disposal of its major business, JAB said it remains in a healthy cash position. JAB recently completed the disposal of its 80 per cent equity interest in Jerneh Insurance Berhad (JIB) to ACE INA International Holdings Ltd (AIIHL). JAB shareholders unanimously approved the disposal of JIB at the company's extraordinary general meeting on Nov 18. JAB said JIB''s tie-up with a strong and strategic global player like AIIHL would spur its next growth phase. The disposal of JIB also meant that JAB was able to unlock the value of its investment at a timely period, thus providing a proforma gain of RM302 million. -- Bernama
