KUALA LUMPUR (June 26): Jewellery maker DeGem Bhd will be delisted from the Main Market of Bursa Malaysia effective next Wednesday, the group said in an exchange filing today.

"The entire issued share capital of DeGem will be removed from the official list of Bursa Securities with effect from 9am, July 1, 2020, pursuant to Paragraph 16.07(b) of the Main Market Listing Requirements," it said.

DeGem shares were last traded on June 5, settling at RM1.09 apiece, before trading of the company's securities was suspended prior to the delisting.

On Sept 25, 2019, DeGem’s major shareholder Legion Master Sdn Bhd offered minorities RM1.10 a share to take the group private.

At the time, Legion controlled a 58.83% direct stake or 76.97 million shares in DeGem and together with persons acting in concert, collectively controlled 83.09% of the firm or 108.71 million shares.

DeGem had previously said that its listing status had minimal value-add to the company and its shareholders as the company had not undertaken any equity fund raising through the platform over the last 10 years.

Privatisation would afford DeGem greater flexibility to develop its existing business whilst exploring opportunities without having to incur compliance costs as a listed entity, it added.