KUALA LUMPUR (April 20): After being on the Main Market of Bursa Malaysia for close to nine years, loss-making steel manufacturer Perwaja Holdings Bhd will be de-listed on May 4.

Perwaja, which fell into PN17 status in November 2013, said it failed to submit its regularisation plan within the stipulated timeframe and subsequently had its application for time extension for submission rejected by Bursa.

However, if it files an appeal by April 28, the de-listing will be deferred pending the decision on the appeal, added Perwaja in a filing to the stock exchange.

The group said that upon its de-listing, it will continue to exist but as an unlisted entity.

“The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance,” it said.

However, the shareholders will be holding shares which are no longer quoted and traded on Bursa, it added.

For the second quarter ended Dec 31, 2016 (2QFY17), Perwaja’s net loss narrowed by 61.9% to RM62.91 million from RM164.96 million a year earlier. Revenue fell 56.2% to RM71,000 from RM162,000.

The quarterly report showed that the group’s short-term borrowings amounted to RM1.12 billion while long-term borrowings came up to RM276.34 million, bringing its total borrowings to RM1.4 billion.

Perwaja’s share price closed unchanged today at six sen, valuing the group at RM31.92 million.