KUALA LUMPUR (Sept 7): Trading in Iqzan Holding Bhd shares are to be suspended on Sept 15 prior to being delisted on Sept 19, unless the Kedah-based wooden crate and pallet manufacturer submits an appeal within a week’s time.
This came after Bursa Securities rejected the Practice Note 17 (PN17) company’s application for a further extension of time to submit its regularisation plan, according to a bourse filing.
The bourse regulator noted that if Iqzan submits an appeal by Sept 14, the delisting will be deferred pending a decision on the appeal.
“Any appeal submitted after the appeal timeframe will not be considered by Bursa Securities,” it noted.
“However, Bursa Securities will proceed to suspend the trading of the company’s securities on Sept 15 even though the decision on the company’s appeal is still pending,” it added.
In June, the company submitted an application to the stock exchange for a further six-month extension of time until Dec 29 to submit its regularisation plan.
It first fell into PN17 status in November 2019 after its auditors expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2019.
Shares in Iqzan were untraded on Thursday. The counter last closed at three sen on Sept 5, valuing the company at RM6.66 million.