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Information technology service provider Lityan Holdings Bhd, which is coming out of Practice Note 17 (PN17) category today, will also become a listed subsidiary of Lembaga Tabung Haji (LTH).

With the completion of the plan, Lityan will be debt-free.

The emergence from PN17 follows the completion of a regularisation plan involving capital reconstruction and debt restructuring in which LTH played the role of a white knight for a company that has languished in PN17 since 2004 after several overseas ventures fell through.

LTH, which previously had an 18.65% stake in Lityan, would see its holdings rise to 52% after a special share sale of 31.45 million new ordinary shares of RM1 each by Lityan as part of the regularisation plan.

LTH would also inject a unit, THT Integrated Solutions Sdn Bhd, into Lityan for RM1.6mil in shares.

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Bursa Malaysia has reprimanded Energreen Corp Bhd, formerly known as Welli Multi Corp Bhd, for breaching paragraphs 9.16 (1)(a), 9.22(1) and 9.23 of the Listing Requirements (LR).

Bursa said in a statement yesterday that although Energreen was no longer listed, the breach was committed by the company while it was listed on the official List of Bursa Securities. Paragraphs 9.16 (1)(a) of the LR requires a listed company to ensure that its announcement is factual, clear and contains sufficient information to enable investors to make informed investment decisions.

Meanwhile, paragraphs 9.22(1) and 9.23 of the LR requires a listed company to ensure the timely submission of interim financial reports as well as annual reports. Bursa also publicly reprimanded and fined the company’s 12 directors for between RM2,250 and RM200,000 each.

In a separate statement, Bursa also reprimanded Kosmo Technology Industrial Bhd and fined two company directors RM257,300 for breaching paragraphs 9.16 (1)(a), 9.22(1), 9.23 and 16.11(b) of the Listing Requirements (LR).

Although Kosmo is no longer listed, the breach was committed while it was listed, Bursa said in a separate statement.

Bursa also publicly reprimanded and fined Kosmo managing director Datuk Norhamzah Nordin RM144,500 while Mohamad Nassir Mohd Kassim, who served as executive director from April 3, 2006 until Feb 15, 2008 was reprimanded and fined RM112,800. He resigned on July 3, 2008.

Bursa said Norhamzah and Mohamad Nassir, who were the directors of Kosmo at that time, permitted either knowingly or had reasonable means of obtaining such knowledge which led to the company committing the breaches.

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Kurnia Asia Bhd reported a net profit of RM32.32mil for the period ended Sept 30, reversing a net loss of RM12.11mil incurred in the previous corresponding period.

This is mainly driven by the strong turnaround performance of the group’s investment portfolio.

In a filing with Bursa Malaysia, Kurnia Asia also attributed the strong performance to an improvement in its underwriting performance year-on-year.

However, group revenue dropped 16.3% to RM255mil from RM304.5mil in the same period last year.

Its underwriting surplus for the quarter was RM3.68mil, an improvement of 38% from RM2.67mil a year ago. Its gross premium year-on-year declined 18.1% to RM231.32mil due to the implementation of more stringent risk selection guidelines.

The largest motor insurer in Malaysia, Kurnia Asia is changing its financial year-end to Dec 31 from June 30.

Executive chairman Tan Sri Kua Sian Kooi said despite operating in an increasingly competitive environment, Kurnia Asia was able to chart positive underwriting performance for five consecutive quarters.

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