KUALA LUMPUR (Sept 23): Octagon Consolidated Bhd's listing will be removed from the local stock exchange next Tuesday after Bursa Malaysia dismissed its further appeal for an extension of time to resubmit the regularisation plan.

In a filing today, Octagon announced that the securities of the company will be removed from the Official List of Bursa Securities on the coming Tuesday, Sept 29.

To recap, Octagon had fallen into Practice Note 17 (PN17) status on June 8, 2012. It had signed a restated joint development agreement (JDA) with Malaco Mining and Malaco Leichhardt in March, 2014 to restate the JDA which was previously entered into on Nov 25, 2013, and this would be part of the regularisation plan.

However, the restated JDA was terminated and Octagon withdrew the application of the proposed regularisation plan. Subsequently, it sought an extension of up to 90 days for the company to resubmit a regularisation plan but it was not approved.

Trading in the securities of Octagon was suspended on Nov 27, 2013. It last traded at seven sen for a market capitalisation of RM11.7 million.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)