KUALA LUMPUR (Jan 8): After more than three decades on the local bourse, Malpac Holdings Bhd (KL:MALPAC) is set to be delisted on Jan 13.

In a bourse filing Thursday, the company announced that Bursa Securities had dismissed its appeal for more time to submit a regularisation plan. Malpac had submitted its bid for a one-year extension on Nov 24, 2025, just days before its Nov 28 deadline.

Following the missed deadline on Nov 28, the bourse regulator suspended Malpac's securities on Dec 9. The decision on the delisting date was deferred pending its decision on the extension of time application. With the appeal now rejected, Malpac's 35-year tenure as a public-listed entity is coming to an end.

Malpac began as a stockbroking firm and was listed on the Main Market in December 1990. In 2001, the group divested its stockbroking business to pivot towards oil palm plantation assets.

However, its troubles began with a 2002 agreement to sell its plantations in Teluk Intan, Perak. The deal became the subject of protracted legal battles, which ultimately prevented the company from being able to recognise any revenue from those assets.

Consequently, Malpac logged zero revenue since its financial year ended Dec 31, 2012. This lack of core business activity led to the company being affected as an "affected listed issuer" in February 2020, which required it to regularise its financial condition to maintain its listing status.

Malpac was last traded at 72 sen, giving the group a market capitalisation of RM54 million. At its peak in the 1990s, the counter was trading at over RM11.