KUALA LUMPUR (Aug 30): Bursa Securities has rejected Top Builders Capital Bhd’s revised request for an extension of time to submit its regularisation plan by Dec 29 to the relevant authorities.
The local bourse operator will also delist the securities of the company from Bursa Malaysia next Monday (Sept 4), said the piling and engineering firm in a bourse filing on Wednesday.
“With respect to the securities of the company, which are currently deposited with Bursa Malaysia Depository Sdn Bhd (Bursa Depository), the securities may remain deposited with Bursa Depository, notwithstanding the delisting of the securities from the official list of Bursa Securities.
“It is not mandatory for the securities of a company, which has been delisted, to be withdrawn from Bursa Depository.
“Alternatively, shareholders of the company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at any time, after the securities of the company have been delisted from the official list of Bursa Securities.
“Upon the delisting of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and businesses, and proceed with its corporate restructuring, and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” said Top Builders.
The counter was previously suspended from trading on Nov 8, 2022. The company fell into Practice Note 17 status in January 2022, after its external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern, as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.
Trading of the company’s securities briefly continued for three days from Aug 1 to Aug 3, after it submitted all of its outstanding financial reports to Bursa Malaysia.
However, Top Builders shares were suspended again, as the company failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended time frame of June 29 this year.
The stock last traded at half a sen on Aug 3, giving it a market capitalisation of RM3.5 million.
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Source: EdgeProp.my
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