KUALA LUMPUR (July 27): Shares of piling and engineering firm Top Builders Capital Bhd will be delisted from the Main Market of Bursa Malaysia on Aug 8.
Nevertheless, the Practice Note 17 (PN17) company has until Aug 3 to request an appeal of the delisting to Bursa Securities.
"In the event the company submits an appeal to Bursa Securities within the appeal timeframe, the delisting of the securities of the company from the official list of Bursa on Aug 8 will be deferred pending the decision on the company’s appeal," said Top Builders in a bourse filing on Thursday (July 27).
The latest announcement follows Top Builders' failure to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended timeframe of June 29 this year.
The company’s application for a further extension of time to submit its regularisation plan had also been rejected.
"Upon the delisting of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa," said Top Builders.
Top Builders fell into PN17 status in January 2022, when its external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.
Trading in Top Builders' shares had been suspended since Nov 8 last year, pending the submission of its annual report for the financial year ended June 30, 2022. The suspension continued after Top Builders failed to submit another outstanding report for the three months ended March 31, 2023. The counter last traded at two sen, giving the company a market capitalisation of RM14.1 million.