KUALA LUMPUR (May 20): Trading in the shares of Sarawak Cable Bhd (KL:SCABLE) will be suspended on May 28, with the stock possibly delisted two days after on May 30, subject to an appeal being filed.

This comes after it failed to obtain more time to submit a plan to regularise its Practice Note 17 (PN17) status, said Bursa Securities in a filing on the company on Tuesday.

Sarawak Cable’s application was rejected as the company had “not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan to the relevant regulatory authorities."

If an appeal is filed against the delisting by May 27, the May 30 delisting will be deferred pending a decision on the appeal. “However, Bursa Securities will proceed to suspend the trading of the company’s securities on May 28 even though the decision on the company’s appeal is still pending,” it added.

The company submitted the extension of time application to Bursa Securities on March 21.

Prior to that, it had obtained three extensions from the bourse regulator to submit the plan, with the latest extension granting it till March 31.

Sarawak Cable fell into PN17 status in September 2022 after its external auditors flagged material uncertainty over its ability to continue as a going concern.

Shares in Sarawak Cable ended half a sen or 5.88% lower at eight sen on Tuesday, valuing the company at RM30.15 million.