This article first appeared in The Edge Malaysia Weekly on August 17, 2026 - August 23, 2026

MMM Group Bhd (KL:MMM) is appealing against the delisting of its shares from the Main Market of Bursa Malaysia nearly seven years after it was classified as a Practice Note 17 (PN17) company in October 2019.

The company is on the verge of being delisted after the stock exchange rejected its proposed regularisation plan. It has also been classified as cash-strapped.

MMM, formerly known as Asia Media Group Bhd, came under fire after its former CEO, Ricky Wong Shee Kai, furnished false statements involving RM11.13 million in revenue to Bursa.

In December 2019, the Kuala Lumpur Magistrate’s Court issued a warrant of arrest against Wong on two charges for failing to appear before a Securities Commission investigating officer. A second warrant was issued against him in September 2021 for providing a false statement relating to Asia Media Group’s revenue to Bursa Malaysia.

Wong remains at large, while the company has gone under. Aside from the former CEO’s legal troubles, between June 2023 and January 2025, MMM obtained several extensions from Bursa Malaysia to resubmit a proposed regularisation plan. However, each proposal failed to convince the regulator.

The latest regularisation plan involves a share consolidation, private placement, rights issue with warrants and a proposed acquisition of advertising outfit EDSB Outdoor Sdn Bhd and capital reduction.

According to the bourse filing, MMM has revised its proposed regularisation plan by reducing the purchase price of EDSB to RM12 million from RM16 million, while the consideration will be satisfied by cash plus issue of new MMM shares. Meanwhile, the profit guarantee given by EDSB has also been revised to RM1.5 million annually from RM2 million for three consecutive years but it will also give an order book guarantee of RM2 million for 12 months.

Notably, the regulator pointed out EDSB’s declining revenue over the past three financial years from RM8.62 million in the financial year ended Dec 31, 2023 (FY2023) to RM6.09 million in FY2025. It was loss-making in three of the past four financial years from FY2022 to FY2025, raising concerns over its earnings resilience and growth prospects.

Given EDSB’s rather weak financial footing, it is not hard to fathom why Bursa rejected the proposed regularisation plan.

So, is this the end of the road for MMM as a listed entity? The company will surely need to work harder to find a way out of the woods.

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