KUALA LUMPUR (March 14): YFG Bhd’s shares may be delisted from the Main Market of Bursa Malaysia on March 26, after the regulator rejected the group’s application for more time to submit its regularisation plan.
In a stock exchange filing, the group said it has “failed to regularise its condition” in accordance with the Main Market listing requirements.
“YFG had withdrawn the proposed regularisation plan submitted to Bursa Securities and the company’s application for a further extension of time [of up to Aug 31, 2018] to submit a new proposed regularisation plan had been rejected by Bursa Securities,” it said.
As a result, trading in YFG’s securities will be suspended from March 22.
Unless an appeal against the delisting is submitted to Bursa Securities by March 21, the securities will be delisted on March 26, said YFG.
“In the event YFG submits an appeal to Bursa Securities within the appeal time frame, the removal of the securities of the company from the official list of Bursa Securities on March 26 shall be deferred, pending the decision on the company’s appeal,” it added.
YFG, which has been loss making for five consecutive years now, has been a listed entity for about 16 years.
The electrical and mechanical firm lapsed into the Practice Note 17 status about two years ago, after its auditors expressed an emphasis on the company’s ability to continue as a going concern.
Its shareholders’ equity also fell below the 50% threshold of its issued and paid-up capital.
Upon the delisting, the company will continue to exist as an unlisted entity.