Anzo no longer intends to submit regularisation plan, to be delisted on Friday

TheEdge Tue, Mar 14, 2023 09:20pm - 1 year View Original


KUALA LUMPUR (March 14): Anzo Holdings Bhd will be delisted from Bursa Malaysia Securities on Friday (March 17) after the company said it was unable to appoint a principal adviser within the prescribed time frame.

The appointment of the principal adviser by March 13 was among the conditions imposed by Bursa Securities on Feb 13 when granting Anzo a six-month extension to April 30 to submit its regularisation plan.

In a filing on Tuesday, Anzo also said that it "does not have any further intention to implement any regularisation plan or seek any further extension of time from the authorities".

Bursa Securities had since May 2020 granted Anzo five extensions of the deadline to submit the regularisation plan.

The loss-making contractor and timber service provider was classified as an affected listed issuer in October 2019, after its revenue on a consolidated basis represented 5% or less of its share capital based on the unaudited financial statements for the financial year ended July 31, 2019 (FY19)

The company has been in the red since FY2013. For FY2022, Anzo’s annual net loss widened to RM30.09 million from RM24.33 million in FY2021, as revenue fell to RM23.03 million from RM29.96 million.

Anzo, formerly known as Harvest Court Industries Bhd, was suspended from trading on Feb 21. The stock was last traded at 0.5 sen.

In its announcement on Tuesday, Bursa Securities said that upon the delisting of Anzo, the company will continue to exist but "shareholders will be holding shares which are no longer quoted and traded on Bursa Securities".

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