Lion Diversified faces delisting after bid for more time to submit regularisation plan rejected

TheEdge Thu, Mar 15, 2018 01:52pm - 3 years ago

KUALA LUMPUR (March 15): Lion Diversified Holdings 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.

As a result, trading in Lion Diversified'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 Lion Diversified.

"In the event Lion Diversified 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.

The high grade steel maker lapsed into the Practice Note 17 status about two years ago.

Upon the delisting, the company will continue to exist as an unlisted entity.

At the midday break today, the stock slumped 75% or 3 sen to 1 sen with 8.77 million shares traded.



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