KUALA LUMPUR: PUC Bhd
has received conditional approval from the Labuan Financial Services Authority (LFSA) for a licence to undertake Labuan investment banking business.
In a filing with Bursa Malaysia today, the company said the approval relates to PUC’s application for a licence to carry on Labuan investment banking business under the Labuan Financial Services and Securities Act 2010.
“The conditional approval is subject to the fulfilment of certain requirements imposed by LFSA, including but not limited to capitalisation, operational readiness and regulatory compliance conditions, within the timeframe stipulated by LFSA,” it said.
The company said it will undertake the necessary arrangements to comply with the conditions imposed and will make further announcements, as appropriate, upon fulfilment of the conditions and issuance of the final licence.
“The conditional approval is not expected to have any immediate material effect on the earnings or net assets of the PUC Group for the current financial year, but is expected to contribute positively to the group’s long-term business prospects,” it added. – Bernama
