KUALA LUMPUR (Dec 12): Practice Note 17 (PN17) company Petrol One Resources Bhd is set to be delisted from the local bourse next Monday (Dec 17), as the stock exchange regulator has dismissed the company's appeal for more time to submit its regularisation plan.

In an exchange filing today, the company guided that its securities will officially be removed from the stock exchange, but said it will still be able to continue its operations.

“Upon the de-listing of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” read the filing.

On Nov 19, the company submitted an application to Bursa Securities, seeking its approval for a further extension of 90 days till Feb 20, 2019 for the company to submit the proposed regularisation plan.  

This came after Bursa Securities arrived at the decision to delist Petrol One’s securities based on the company’s failure to implement its regularisation plan by Aug 11, despite being granted numerous extensions.

Petrol One lapsed into the PN17 status in August 2012 and the trading of its shares has been suspended since 2014.