Wednesday 24 Apr 2024
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KUALA LUMPUR (March 21): Practice Note 17 (PN17) company Sumatec Resources Bhd will be delisted from Bursa Malaysia’s Main Market on Thursday (March 24), the group said in a bourse filing on Monday (March 21). 

The delisting is pursuant to paragraph 16.11(2)(d)(ii) of the Main Market Listing Requirements, which states that the stock market operator shall de-list a listed issuer upon the winding up of the latter.

In a Dec 27, 2021 filing, Sumatec said there was no legal challenge or proceedings filed against the winding-up order granted by the High Court.

“The liquidator is of the view that the company is unable to regularise the financial position in accordance with PN17 of the [Main Market Listing Requirements]. As such, the liquidator does not have any objection on the delisting of the company as per the letter,” it added.

To recap, in August 2018, a winding-up petition was filed by Sumatec’s bondholders, namely Kerisma Bhd, Capone Bhd and Prima Uno Bhd, who demanded the repayment of RM83.31 million from three collateralised loans they had extended to the company.

Shares in the upstream oil and gas service operator have remained suspended since November 2019 after it failed to submit its quarterly report to the stock exchange operator.

Sumatec fell into PN17 status after its auditors expressed a disclaimer opinion in the company’s audited financial statements for its financial year ended Dec 31, 2017. 

The counter last traded at five sen, giving it a market value of RM21 million. 

Edited ByLam Jian Wyn
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