Talam on track

15/11/2007 The Star

KUALA LUMPUR: Talam Corp Bhd is on track to submit the supporting documents of its regularisation plan to the Securities Commission (SC) by the end of this month, said executive director Chua Kim Lan.

The supporting documents were related to Talam's creditors, of which discussions were in their final stage, she told reporters after the company EGM on Thursday.

Senior vice-president Leow Chi Lih said the majority of bankers had already approved the hair cut.

Meanwhile, the directive by the SC to reinstate the financial statements for the year ended Jan 31, 2006 (FY06) and FY07 was mainly to meet the regulator's accounting standards, he said.

"It was a matter of accounting adjustments, which did not have any material effect," Chua added.

She also noted the auditors' concerns over the preparation of the financial statement for FY07 as stated in the circular to shareholders for the EGM.

This arose due to the statement being based on the group's ability "to operate profitability in the foreseeable future and consequently, the realisation of assets and settlement of liabilities will occur in the ordinary course of business."

If the proposed regularisation plan were not concluded successfully, without any material modification, within the anticipated timeframe, the basis of the preparation would be rendered "inappropriate," the circular said.

Chua said so far, Talam had been on schedule according to the proposed regularisation plan.

Operationally, the group had appointed IJM Corp Bhd as the principal contractor for Talam's stalled projects and work on-site was ongoing, she said, adding that it would be handing three phases of Taman Puncak Jalil to buyers this month.