KUALA LUMPUR (Oct 2): Carzo Holdings Bhd (KL:CARZO) said trading in its shares will be suspended from Oct 10 after the former fruit wholesaler failed to acquire a new core business to regularise its financial position.

The company was also informed by Bursa Malaysia Securities that its shares will be delisted on Oct 15 unless it files an appeal by Oct 9, said the LEAP Market-listed company in a filing on Thursday.

“However, Bursa Securities will proceed to suspend the trading of the company’s securities on Oct 10, even if the decision on the company’s appeal is still pending,” said the regulator in a separate filing.

Bursa Securities noted that Carzo’s board of directors had no confidence in the company’s ability to turn around its business and financial condition to remain a going concern. Since its listing, the company has been in a net liability position from the financial year ended Dec 31, 2021 to the year ended June 30, 2025 (FY2025).

Carzo ceased its core business of distributing fresh fruits and fruit products in November last year following consecutive losses and persistent negative cash flow. The move came after several months of cost-cutting efforts, including scaled-down operations, aimed at shoring up its financials.

For FY2025, Carzo narrowed its net loss to RM1.42 million from RM6.52 million a year earlier. As at end-June, it reported cash and bank balances of RM23,880 and fixed deposits of RM1.96 million, against total borrowings of RM11.45 million. Its accumulated losses stood at RM25.12 million.

Carzo’s shares last traded at 39.5 sen, giving the company a market capitalisation of RM37.7 million.