- Published on Friday, 21 April 2017 21:24
PETALING JAYA: Perwaja Holdings Bhd is expected to be delisted on May 4, 2017, a fate it will only be able to avoid if it files an appeal with Bursa Malaysia Securities.
Perwaja’s application for an extension of time to submit its regularisation plan was rejected by the regulator yesterday.
“Trading in the securities of the company will be suspended with effect from May 2, 2017; and the securities of the company will be delisted on May 4, 2017 unless an appeal against the delisting is submitted to Bursa Securities on or before April 28, 2017,” Bursa Securities said.
The loss-making steelmaker was classified a PN17 company (Practice Note 17 status, a listed company that is in financial distress) in 2013 and, in February this year, a planned RM1.8 billion injection to revive the group’s plant in Kemaman, Terengganu, by Chinese conglomerate Tianjin Zhiyuan Investment Group Co Ltd lapsed.
Upon delisting, the company will continue to exist and still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.