Nylex gets another six-month extension till end-July to submit regularisation plan

TheEdge Mon, Mar 04, 2024 09:18pm - 2 months View Original

KUALA LUMPUR (March 4): After failing to submit its regularisation plan, which led to the suspension of its shares on Feb 7, Nylex Malaysia Bhd has now been given another six-month extension by Bursa Malaysia Securities Bhd to address its Practice Note 17 (PN17) status.

In a bourse filing on Monday, Nylex said Bursa Securities has pushed the regularisation submission deadline to July 26, after the company missed its Jan 26 deadline.

Despite granting the extension, Bursa Securities, however, dismissed the company’s appeal against the suspension of its shares.

Bursa Securities also has decided to de-list Nylex if the company fails to submit its regularisation plan by July 26, if the plan fails to get regulatory authorities’ approval, or if the company fails to implement the plan within a stipulated timeframe.

“Upon the occurrence of any of the events set out above, the securities of the company shall be removed from the official list of Bursa Securities upon expiry of two market days from the date the company is notified by Bursa Securities or on such date as may be specified by Bursa Securities,” it said.

Nylex was classified as a PN17 company after it divested all of its assets and liabilities to its parent Ancom Nylex Bhd, then known as Ancom Bhd, for RM179.3 million in a cash-plus-share deal in January 2022.

It was granted 12 months to submit a regularisation plan, which was then extended by another six months in January 2023, before the latest extension in October.

As at end-September, Nylex had cash of RM12.61 million or seven sen per share based on its 179.79 million outstanding shares, and no borrowings. Retained losses stood at RM730,000.

It had earlier proposed to participate in a collaboration to build and operate a light rail transit system connected with the railway shuttle link currently being built from Singapore to Johor Bahru, with an integrated property development using the “transit-oriented development” concept in Johor Bahru.

The long-stop date for the agreement linked to the proposed project has been extended thrice, pushing it to end-July this year.

Nylex was last traded at 24 sen, giving the company a market capitalisation of RM46.6 million.

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