MMM Group to be delisted on Oct 12 as Bursa Malaysia dismisses appeal

Wednesday 07 Oct 2026

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KUALA LUMPUR (Oct 7): Bursa Malaysia Securities has dismissed MMM Group Bhd’s (KL:MMM) appeal against the rejection of its proposed regularisation plan, paving the way for the company to be delisted on Oct 12.

In a bourse filing on Wednesday, the Practice Note 17 (PN17) company said Bursa’s Listing Committee, after considering all facts and circumstances as well as written representations submitted by the company, decided that the grounds raised in its appeal did not justify departing from its decision previously.

Accordingly, the Listing Committee dismissed the appeal and upheld Bursa’s July 10 decision to reject MMM Group’s regularisation plan to exit its PN17 status.

MMM Group said it will continue to exist as an unlisted entity following the delisting, and continue its operations and business as well as proceed with its corporate restructuring.

It added that shareholders could still benefit from the company’s performance, although they would hold shares that are no longer quoted and traded on Bursa.

MMM Group, formerly known as Asia Media Group Bhd, has been classified as a PN17 company since October 2019 after its shareholders’ equity fell below 25% of its issued share capital. Its shares have been suspended since Aug 7 following Bursa’s rejection of its regularisation plan.

The proposed plan announced in January 2026 was the company’s latest attempt to regularise its listing. It comprised a rights issue with warrants and a private placement to raise up to RM39.97 million, alongside a 10-for-one share consolidation and the proposed RM16 million acquisition of outdoor advertising firm EDSB Outdoor Sdn Bhd.

Bursa rejected the plan in July, noting that the RM16 million acquisition amount was significantly higher than EDSB’s net assets of about RM800,000.

Bursa also questioned the sustainability of EDSB’s business, noting that its revenue had declined to RM6.09 million in FY2025 from RM8.62 million in FY2023, while the company had recorded losses in three of the previous four financial years.

It also raised concerns over licensing issues involving EDSB’s billboard sites and the additional capital expenditure required to convert more static billboards into digital formats. MMM Group intends to spend RM12.16 million over 36 months to convert 26 static billboards into digital billboards.

This led MMM Group to subsequently appeal against Bursa’s rejection in August.

Financially, MMM Group posted a net profit of RM1.26 million for the first quarter ended June 30, 2026, a substantial increase from RM159,000 a year earlier, helped by lower administrative expenses and finance costs. This was despite revenue falling 29% to RM3.51 million from RM4.91 million.

Edited ByS Kanagaraju

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