Nakamichi to be delisted from Bursa on Nov 27

This article first appeared in The Edge Financial Daily, on November 16, 2017.
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KUALA LUMPUR: Nakamichi Corp Bhd will be delisted on Nov 27 after Bursa Malaysia Securities Bhd rejected the timber group’s regularisation plan that was submitted in April.

In a filing with Bursa Malaysia yesterday, Nakamichi said it has, however, been given up to Nov 22 to submit an appeal against the delisting from the Main Market list, or face suspension of securities trading on Nov 23 or the following day.

In April 2015, the Practice Note 17 (PN17) criterion was triggered on Nakamichi resulting from an order issued by the High Court for the winding-up of Tamabina Sdn Bhd, its 51%-owned subsidiary.

A month later, the group announced it was in the midst of preparing all the outstanding financial statements to comply with the listing requirements by writing off the 51% investment in Tamabina.

Subsequently, Bursa Malaysia Securities had allowed Nakamichi to submit all the outstanding financial statements by Sept 18, 2015. However, the group only submitted them after delaying for between one-and-a-half and five-and-a-half months.

On Jan 20 this year, Nakamichi announced its plan to diversify into the upstream oil and gas industry as part of its regularisation plan in its bid to exit its PN17 status.

Shares in Nakamichi settled two sen lower at 11 sen yesterday, valuing the group at RM6.09 million.