BURSA Malaysia has dismissed Berjaya Media Bhd’s further appeal for an extension of time, and has decided to delist the company.
The extension of time was requested by Berjaya Media, as it was looking to solidify a regularisation plan to exit its PN17 status.
According to a filing on Bursa Malaysia dated July 14, the securities of the company will be removed from the official list of Bursa Securities on July 17.
Following the delisting, Berjaya Media will continue to exist as an unlisted entity, with its business and operations still able to be continued. However, shareholders will be holding shares that are no longer quoted and traded on Bursa.
Berjaya Media fell into PN17 on June 21, 2017, when the shareholders’ equity of Berjaya Media on a consolidated basis of less than RM40 mil represented 25% or less of its issued capital.
It then looked to Singer, the private vehicle of owner Vincent Tan, as a white knight. However, this plan was met with complications as Singer had to resolve a technical issue with the Companies Commission of Malaysia regarding its audited financial statements, resulting in a delay to the regularisation plan.
When trading of Berjaya Media’s shares were suspended on March 23, the share price was at 10.5 sen. – July 14, 2020
