Stone Master to be delisted on April 8, unless appeal made

TheEdge Wed, Mar 27, 2019 10:44pm - 5 years View Original


KUALA LUMPUR (March 27): Stone Master Corp Bhd has been served a letter of suspension and delisting of its securities from Bursa Securities, after the regulator rejected its application for more time to submit a regularisation plan.

In an exchange filing today, Stone Master said the securities of the company will be delisted on April 8, unless an appeal against the delisting is submitted to Bursa Securities on or before April 3.

Stone Master triggered the Practice Note 17 (PN17) note in December 2016, after its shareholders’ equity dropped below 50% of its issued and paid-up capital.

The marble and granite product maker also said its auditors had “expressed an emphasis of matter on its ability to continue as a going concern” in its latest audited financial statements for the year ended Sept 30, 2015, and based on its results for the fourth quarter ended Sept 30, 2016.

It received another disclaimer of opinion from its external auditors in February 2018, on its FY17 audited financial statements.

Stone Master has been loss-making since 2006, Bloomberg data shows, some four years after it was listed on the then Second Board of KLSE at an issue price of RM1 apiece.

The thinly-traded counter was last done at 10.5 sen on March 21, which gave it a market capitalisation of RM9.44 million.

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