Landmarks granted third extension to submit regularisation plan, pushing deadline to July 28

TheEdge Mon, Feb 19, 2024 10:13pm - 4 months View Original

KUALA LUMPUR (Feb 19): Bursa Malaysia Securities has extended affected listed issuer Landmarks Bhd’s deadline to submit its regularisation plan by six months to July 28.  

This is in response to the company’s application for an extension of time in January, which it submitted as its previous Jan 28 submission deadline approached.

According to a bourse filing on Monday, Bursa Securities’ decision to grant the extension does not prejudice the regulator’s right to suspend shares in Landmarks if the company fails to submit its regularisation plan by July 28, if the plan fails to get regulatory authorities’ approval, or if the company fails to implement the regularisation plan within a stipulated timeframe.

“Upon occurrence of any of the events, Bursa Securities may suspend the trading of the listed securities of Landmarks on the sixth market day after the date of notification of suspension by Bursa Securities and delist the company, subject to the company’s right to appeal against the delisting,” the company added.

Landmarks was deemed an affected listed issuer after the company triggered Paragraph 8.03A(2) of the Main Market Listing Requirements on Jan 29, 2021, following a fire incident at The Andaman Resort in Langkawi.

The fire resulted in Landmarks ceasing the hotel’s operations — the main revenue contributor to the company.

Being deemed an affected listed issuer, the company is required to submit a regularisation plan to regularise its conditions, or risk its securities being suspended and eventually being delisted.

Initially, Landmarks had two years to submit its regularisation plan by Jan 28, 2023. It was then granted a six-month extension to July 28, 2023, which was followed by a subsequent six-month extension to Jan 28 this year, and now this third six-month extension to July 28.

In the nine months ended Sept 30, 2023 (9MFY2023), Landmarks booked a net profit of RM5.49 million from net loss of RM21.86 million, while revenue rose 66.59% to RM23.21 million, from RM13.93 million in 9MFY2022. The improved performance was largely due to net fair value gain on deconsolidation of a subsidiary, which amounted to RM24.2 million. 

Landmarks’ largest shareholders include executive deputy chairman II and CEO Mark Wee Liang Yee with 12.9% direct and 10.4% indirect stake, as well as Genting Bhd with 21.7% indirect stake, according to its annual report and bourse filings.

Genting is 44.01% owned by Tan Sri Lim Kok Thay and his son Datuk Lim Keong Hui via Kien Huat Realty Sdn Bhd and Kien Huat International Ltd.

Shares in Landmarks closed one sen or 4.44% lower at 21.5 sen on Monday, valuing the company at RM141.24 million.

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