Jerasia Capital Berhad has triggered the PN17 criteria under the main market listing requirement and will be now monitored by Bursa Securities of its compliance requirements.
The company is involved in apparel has manufacturing facilities in Malaysia and Cambodia, some of its popular clothing brands are Trio and Ureka. Other brands in its portfolio including Ladylike, Milani, and Charlie, have a long-standing history of over 30 years in the market place. In 2010, the Group amalgamated all its labels under one roof and opened its first concept store.
For its fourth-quarter report of November 2021, the group recorded revenue of RM45 million however the losses were a staggering RM129 million, accumulatively for the overall period, revenue was RM134 million with losses amounting to RM158 million.
As for the preceding year’s audit report, the group incurred a net loss of RM118 million and RM26.9 million for the financial period from 1 July 2019 to 30 November 2020 and the Group’s liabilities exceeded its current assets by RM13 million and RM9.7million. Jerasia warned that the conditions, along with other matters indicate that a material uncertainty exists that may cast significant doubt on the its ability to continue as a going concern.