KUALA LUMPUR (March 6): Practice Note 17 (PN17) Nylex (M) Bhd (KL:NYLEX) is slated to be delisted from the Main Market of Bursa Malaysia on March 11 after its bid for a further extension to submit its regularisation plan was dismissed by the bourse regulator.

In a filing on Thursday, the company said Bursa Securities had dismissed its appeal for a further extension of time to submit the regularisation plan and decided to delist the company.

“In the circumstances, the securities of the company shall be removed from the official list of Bursa Securities on Tuesday, March 11, 2025,” the filing said.

Nylex had applied for a further extension of time on January 24, days before its prior extension to submit its regularisation plan was to expire on January 26.

Nylex was classified as a PN17 company after it divested all of its assets and liabilities to its parent Ancom Nylex Bhd (KL:ANCOMNY), then known as Ancom Bhd, for RM179.3 million in a cash-plus-share deal in January 2022.

It was granted an initial 12 months to submit its regularisation plan by January 2023, which was followed by subsequent extensions pushing the stop date to Jan 26, 2025.

Shares in Nylex last traded at 24 sen on May 3, 2024. At 24 sen, the company was valued at RM46.6 million.

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