KUALA LUMPUR (Jan 18): Parlo Bhd shares rose as much as 21 sen or 210% to 31 sen, following the company's exit from Bursa Malaysia's Guidance Note 3 (GN3) list. Parlo was formerly known as Cybertowers Bhd, which provides Internet-based vehicle-tracking systems.
At 11:18am, Parlo shares pared gains at 20 sen with some 18 million shares traded. Parlo was Bursa Malaysia's eighth-largest gainer.
Yesterday, Parlo said it had "regularised its financial condition and level of operations and no longer triggers any of the criteria under Paragraph 2.1 of GN3 of the ACE Market Listing Requires of Bursa Securities."
"After due consideration of all facts and circumstances of the matter, Bursa Securities has decided to approve the company’s application for an upliftment from being classified as a GN3 company. As a result thereof, the upliftment of Parlo from being classified as a GN3 company and the upliftment of suspension in trading of the securities of Parlo will be effective from 9.00 a.m., Thursday, 18 January 2018," Parlo said.
Cybertowers became a GN3 company in 2013, according to the company's statements to Bursa Malaysia. On Oct 31, 2013, Cybertowers said Bursa Malaysia had placed Cybertowers under the regulator's GN3 list.
On Jan 19, 2016, Cybertowers said Bursa Malaysia would suspend Cybertowers' share trade from Jan 28, 2016 before delisting the company on Feb 2, 2016. This is because the regulator had rejected Cybertowers' application for more time to submit its new regularisation plan.
On Jan 27, 2016, Cybertowers said Bursa Malaysia had deferred Cybertower's delisting after the company submitted an appeal to Bursa Malaysia against the delisting. Cybertowers said it had also requested Bursa Malaysia to approve Cybertowers' appeal for more time to submit a new regularisation plan. On March 8, 2016, Cybertowers said Bursa Malaysia decided to give Cybertowers more time until April 29, 2016 to submit the regularisation plan.
On Sept 20, 2017, Cybertowers said it had changed its name to Parlo from Sept 18, 2017.