G NEPTUNE BHD
G Neptune Bhd (GNB) was formerly known as GPRO Technologies Bhd and was listed on the MESDAQ Market of Bursa Malaysia Securities Bhd on 2 June 2004. At the time the Group was listed, GNB was primarily involved in the IT Solutions business, catering to the textile manufacturing and apparel sector. Due to a slowdown in the garment/textile industry, the Group diversified into the cosmetics and trading business which also saw a difficult and competitive business environment. This led to the Group having to impair some RM7.2m in deposits and pre-payments in the 2nd Quarter FYE6/2018 results, which resulted in GNB triggering GN3 on 30 November 2017. GNB has since that date been under a GN3/PN17 status and has until 30 November 2018 to announce a rationalisation exercise.
Between April and May 2018, several new members joined the Board of Directors, led by the Executive Director and recent major shareholder, Mr Chai Tham Poh. Mr Chai and his team immediately put in place policies and practices to stabilise the operations and financial administration of GNB Group. Moore Stephens Associates PLT was appointed as the new Auditor for GNB to ensure an accurate evaluation of GNB’s financial position. At this stage, GNB is a dormant company and has no business operations.
The focus of the new Board of Directors has also been to practice good corporate governance and meeting Bursa Malaysia’s Listing Requirements. Ultimately, the Board is aiming to build a strong foundation for GNB for its Rationalisation Exercise.
GNB had in January 2020 announced a comprehensive rationalisation exercise and is currently awaiting approval from the relevant authorities.
On 4 December 2020, Bursa Securities had written a letter to GNB that after due consideration of all facts and circumstances of the matter, Bursa Securities rejected the Proposed Regularisation Plan.
On 31 December 2020, the Board of GNB announced that the Company had entered into a memorandum of understanding with the shareholder of Southern Score Sdn Bhd (“Southern Score”) in relation to the proposed acquisition of 75% equity interest in Southern Score by GNB. Also on 31 December 2020, Kenanga Investment Bank Berhad had, on behalf of the Board, submitted an appeal to Bursa Securities on 31 December 2020 to reconsider its decision on the de-listing of GNB from the Official List of Bursa Securities pursuant to Rule 8.04(4) of the ACE LR of Bursa Securities.