Court says no to injunction, APFT’s AGM to proceed

PETALING JAYA: An attempt by a shareholder of APFT Bhd to restrain it from holding an AGM today at 9am fell through after the injunction application was dismissed with a cost of RM5,000 by the Court.

“In this respect, the 7th AGM of the company would proceed as scheduled,” APFT told Bursa Malaysia yesterday.

The aviation training provider was served with a originating summons and notice of application from Hisham Mustaffa on July 24 seeking to stop the group from holding its AGM, which will take place at Royale Chulan Seremban. No reason was given for the injunction move.

APFT was admitted into PN17 category in January after its shareholders’ equity fell below the 50% threshold.

Last week, the company announced that its board of directors were taking legal action against its former director Datuk Faruk Othman for allegedly misappropriating funds, causing the company’s fall into the PN17 category and breach the Main Market Listing Requirements.

Also, APFT external auditor Messrs Adam & Co last month highlighted a material uncertainty that may cast doubt on its ability to continue as a going concern.

For the period from Aug 1, 2016 to Jan 31, 2018, it reported a net loss of RM67.57 million and RM14.51 million at the group and company level, respectively.

It had a negative operating cash flow of RM8.39 million and RM14.29 million respectively, with total current liabilities exceeding total current assets by RM31.92 million.

One of APFT’s subsidiaries was unable to meet its borrowings obligations during the financial period, leading to letters of demand and statement of claim from a few principal bankers.

APFT’s share price closed unchanged at 2.5 sen with 11.65 million shares changing hands yesterday.