SARAWAK CABLE, ANNUM FACE DELISTING AFTER BURSA SECURITIES REJECTS EXTENSION APPEAL

KUALA LUMPUR, May 20 (Bernama) -- Bursa Malaysia Securities Bhd (Bursa Securities) announced that Sarawak Cable Bhd and Annum Bhd are facing delisting from the stock exchange after their respective applications for a further extension of time to submit their regularisation plans were rejected.

In separate filings to Bursa Malaysia, the exchange said trading in both securities will be suspended with effect from May 28, 2025.

"The securities of the companies will be delisted on May 30, 2025 unless an appeal against the delisting is submitted to Bursa Securities on or before May 27, 2025.

"Any appeal submitted after the appeal timeframe will not be considered," it said.

The exchange said in the event that the companies submitted appeals to Bursa Securities within the appeal timeframe, the delisting of the securities of the companies from the official list of Bursa Securities on May 30, 2025 will be deferred pending the decision on the appeal.

However, Bursa Securities said it will proceed to suspend the trading of both companies' securities on May 28, 2025 even though the decision on the appeal is still pending.

The exchange noted that upon the delisting, the companies will continue to exist but as an unlisted entity and are still able to continue their operations and business and proceed with their corporate restructuring and the shareholders can still be rewarded by the companies’ performance.

"However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016," it said.  

-- BERNAMA