YFG files appeal against delisting of securities
KUALA LUMPUR (March 21): Soon-to-be-delisted YFG Bhd today submitted an appeal to Bursa Malaysia requesting an extension of time to submit a regularization plan following an earlier rejection by the stock exchange.
In a filing with Bursa Malaysia, the Main Market-listed YFG said it was appealing against the commencement of delisting procedures on the securities of the company as well as for the stock exchange to reconsider the rejection and to approve the extension of time to submit its new regularisation plan.
“Given that the appeal was submitted within the appeal timeframe (by March 21), the removal of the securities of the company from the official list of Bursa Malaysia on March 26 shall be deferred pending the decision by Bursa Malaysia on the appeal.”
Last Wednesday, YFG said it has “failed to regularise its condition” in accordance with the Main Market listing requirements.
“YFG had withdrawn the proposed regularisation plan submitted to Bursa Securities and the company’s application for a further extension of time [of up to Aug 31, 2018] to submit a new proposed regularisation plan had been rejected by Bursa Securities,” it said.
As a result, trading in YFG’s securities will be suspended from March 22.
[The Edge Markets]