BURSA Malaysia Securities Bhd has rejected Multi Sports Holdings Ltd’s application for an extension of time to submit its regularisation plan.
“Therefore, the company has failed to comply with its obligation to regularise its condition to submit its regularisation plan and obtain Bursa Securities’ approval of its regularisation plan within the stipulated timeframe,” the company said in a filing with the bourse on Jan 21.
Multi Sports will be delisted from the Main Market of Bursa Malaysia on Jan 31.
Upon delisting, the company will continue to exist and function, but as an unlisted entity. This means that Multi Sports’ operations and business will continue, and it can still 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 the local bourse.
The company was first hit with the Practice Note 17 (PN17) condition in November 2017, when its auditors expressed a disclaimer of opinion in the audited financial statements for the financial year ended Dec 31, 2015. – Jan 21, 2020
