KUALA LUMPUR (Oct 20): LYC Healthcare Bhd (KL:LYC) has managed to delay its delisting from the ACE Market pending an appeal with Bursa Malaysia Securities Bhd.
In a bourse filing on Tuesday, LYC said it lodged the appeal ahead of the Oct 26 deadline, staving off the delisting slated for Oct 29. However, the suspension of trading in LYC Healthcare securities from Oct 27 is expected to go ahead.
LYC Healthcare said it remains committed to regularising its financial position and preserving its listing status.
The delisting was announced on Monday after UOB Kay Hian (M) Sdn Bhd withdrew from being a sponsor for its proposed Guidance Note 3 (GN3) regularisation plan. No reason was disclosed when UOB Kay Hian informed LYC Healthcare of its decision last Friday.
LYC Healthcare said it was seeking a replacement sponsor.
GN3 applies to financially distressed companies listed on the ACE Market, similar to the Practice Note 17 (PN17) classification for Main Market companies.
LYC was classified as a GN3 company in March 2025 after its shareholders’ equity fell below 25% of its issued share capital. The group secured a six-month extension earlier this year and has until the end of November to submit the plan.
Trading in LYC shares was also suspended on Aug 10 after the group missed the deadline to issue its annual report. The suspension was lifted on Aug 28.
However, external auditor SBY Partners PLT flagged LYC Healthcare ability to continue as a going concern after it issued an unqualified opinion with material uncertainties on the group’s financial statements for the financial year ended March 31, 2026 (FY2026).
The auditor highlighted a net loss of RM12.69 million, net current liabilities of RM72.15 million and a shareholders’ deficit of RM10.62 million.
LYC shares closed down one sen, or 66.67%, at half a sen on Tuesday, giving the group a market capitalisation of RM2.77 million.