KUALA LUMPUR (Nov 15): Nakamichi Corp Bhd will be delisted on Nov 27 after Bursa Malaysia Securities Bhd rejected the timber group’s regularisation plan that was submitted in April.
In a filing with Bursa Malaysia today, Nakamichi said it has, however, been given up till Nov 22 to submit an appeal against the delisting from the Main Market, or face suspension of securities trading on Nov 23 or the following day.
Upon its delisting, the group will continue to exist but as an unlisted entity, and will still be able to continue its operations and business as well as proceed with its corporate restructuring and reward its shareholders according to its performance.
On April 29, 2015, the Practice Note 17 (PN17) criteria was triggered on Nakamichi resulting from an order issued by the High Court of Sabah and Sarawak for the winding-up of Tamabina Sdn Bhd, its 51%-owned subsidiary.
A month later, the group announced it was in the midst of preparing all the outstanding financial statements to comply with the listing requirements by writing off the 51% investment in Tamabina.
Subsequently, Bursa Malaysia Securities had allowed Nakamichi to submit all the outstanding financial statements by Sept 18, 2015. However, the group only submitted the financial statements after delaying for between 1½ and 5½ months.
Nakamichi had explained the cause of the delay, stating that it had failed to maintain or provide such accounting and other records on a timely basis and/or in such manner so as to enable them to be conveniently and properly audited by the external auditors.
On Jan 20 this year, Nakamichi announced its plan to diversify into the upstream oil and gas (O&G) industry as part of its regularisation plan in its bid to exit its PN17 status.
Its wholly-owned subsidiary Nakamichi Oil and Gas Sdn Bhd had inked a joint investment agency agreement with Aktau Transit LLP and Caspian Oil Project LLP for the appointment of NOGSB as the agent of Aktau Transit to monitor and oversee the exploration, development and production activities of the Aktau Transit Oilfields in Kazakhstan.
A separate agreement was also signed between the three parties to pump in up to US$146 million worth of investments for the proposed joint operations and monitoring.
Shares in Nakamichi settled two sen lower at 11 sen today, with 1,000 shares done, valuing the group at RM6.09 million.