KUALA LUMPUR (Sept 4): Practice Note 17 (PN17) company EA Technique (M) Bhd (EATech) has secured another extension of six months to submit its regularisation plan.

The new deadline to submit its regularisation plan is Feb 23, 2024, said the oil tanker and port marine services provider in a bourse filing on Monday.

Bursa Securities had previously granted EATech a six-month extension until Aug 24 to submit the plan.

Earlier, in July, EATech announced that it had scrapped the regularisation plan it previously submitted to the stock exchange in April.

This came after a share subscription agreement it entered in March with Eco Offshore Services Sdn Bhd (EOSSB) and two individuals, Tan Sri Abdul Halim Ali and Khiruddin Ibrahim Said, was mutually terminated.

EOSSB is an investment vehicle owned by Eco World Development Group Bhd co-founder Tan Sri Abdul Rashid Abdul Manaf.

If the subscription agreement had materialised, Abdul Rashid would have emerged as EATech's controlling shareholder with a 53% stake.

EATech slipped into PN17 status in February 2022 as its shareholders’ equity of RM5.96 million, as at Dec 31, 2021, was less than 50% of its share capital of RM179.76 million.

Shares in EATech closed one sen or 3.64% lower at 26.5 sen, giving the company a market capitalisation of RM138.07 million.