KUALA LUMPUR (Oct 16): Pimpinan Ehsan Bhd (KL:PEB) faces the risk of suspension and delisting from the local bourse after Bursa Malaysia Securities rejected its latest application for an extension of time to complete its regularisation plan.
In a filing on Thursday, the Practice Note 16 (PN16) company said it had received a show cause notice from the regulator, giving it five market days — until Oct 24 — to make written representations supported by documentary evidence on why trading of its shares should not be suspended and why it should not be delisted from the Main Market.
“The company will make the written representations to Bursa Securities within the five market days on or before Oct 24, 2025, as accorded,” Pimpinan Ehsan said.
This comes at a critical juncture in Pimpinan Ehsan’s multi-year effort to exit PN16 status through a proposed regularisation plan anchored by the acquisition of renewable energy group reNIKOLA Holdings Sdn Bhd.
The company first announced its plan to acquire reNIKOLA in May 2021, as it aimed to inject income-generating solar power assets into its balance sheet. A formal regularisation proposal was lodged in June 2022, involving the issuance of new shares and a private placement to fund the purchase of several solar plants.
Pimpinan Ehsan later expanded the plan in 2023 to include additional renewable assets, while Bursa Securities granted the group an extension until Sept 30, 2024 to submit its finalised plan.
However, with Thursday’s decision, Bursa has now rejected the company’s latest request for more time, signalling its tightening stance on long-delayed PN16 regularisations.
Pimpinan Ehsan has been under PN16 status for several years due to its cash company classification following the disposal of its earlier core assets. It has yet to complete the reNIKOLA deal or implement its proposed equity exercises.
If Bursa is not satisfied with the company’s forthcoming representation, the regulator could proceed to suspend trading of Pimpinan Ehsan’s shares and remove it from the official list.
Pimpinan Ehsan shares closed 3.5 sen or 4.5% higher at 82 sen on Thursday, valuing the company at RM56.68 million. Year to date, the stock has declined 5.7%.