KUALA LUMPUR – Bursa Malaysia Securities Bhd (Bursa Securities) has rejected TH Heavy Engineering Bhd’s (THHE) application for a further extension of time to submit its regularisation plan.
The trading in THHE’s securities will be suspended from December 9, and the securities will be delisted on December 13 unless the Practice Note 17 (PN17)-status company submits an appeal by December 8.
In a statement today, Bursa Securities said that while the delisting would be deferred if an appeal were received, it would nonetheless suspend the trading of the company’s securities on December 9.
“Any appeal submitted after the appeal timeframe will not be considered by Bursa Securities,” the regulator said.
The oil and gas industry player has received several extensions to submit its regularisation plan since slipping into PN17 status in April 2017. It became an affected issuer after its auditors expressed a disclaimer of opinion on its audited financial statements for the financial year ended December 31, 2016.
Bursa Securities said THHE’s securities may remain deposited with Bursa Depository Sdn Bhd notwithstanding the delisting of the securities.
“Alternatively, shareholders of the company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System accounts maintained with Bursa Depository at any time after the company's securities have been delisted.
"This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository,” it said.
Bursa Securities noted that on the company’s delisting, THHE would continue to exist but as an unlisted entity and would still be able to continue its operations and business, and proceed with its corporate restructuring, and its shareholders could still be rewarded by the company’s performance.
“However, the shareholders will be holding shares that are no longer quoted and traded on Bursa Securities,” it added.
Meanwhile, in a filing to the exchange, THHE said the company intends to submit an appeal to Bursa Securities and will make the necessary announcement in due course. – Bernama, December 1, 2021
