KUALA LUMPUR: MSCM Holdings Bhd (formerly known as PanPages Bhd) said the commencement of its supply chain management business will be delayed as the group seeks an extension for its rights issues, which will be used to fund the venture.

The company announced in a stock exchange filing yesterday that it had submitted an application to Bursa Securities seeking an extension of time until Oct 9, 2019 to complete the implementation of the rights issue with warrants and the rights issue of irredeemable convertible preference shares. But it did not provide the reason why it needs more time.

With the postponement of the rights issues, the company said the timeline of implementation of the supply chain management business will be delayed accordingly.

“Further, certain identified key personnel will only be appointed after the completion of the rights issues to initiate the implementation of the supply chain management business.

“Thus, the company foresees that it will only be able to commence its supply chain management business in the first half of 2020 after taking into consideration the abovesaid new development,” it said.

The company proposed the fundraising exercise last November, which is expected to raise proceeds of between RM15 million and RM53.25 million.

MSCM was not traded yesterday. The stock closed unchanged at 22 sen last Friday, giving it a market capitalisation of RM58.41 million.