This article first appeared in The Edge Financial Daily on May 26, 2017

KUALA LUMPUR: Perwaja Holdings Bhd has failed in its appeal against its delisting on Bursa Malaysia, and will consequently be delisted on May 30.

The group initially announced on April 20 that it would be delisted on May 4 after failing to submit its regularisation plan within the stipulated time frame and subsequently had its request for time extension for submission rejected by Bursa Malaysia.

But on April 28, Perwaja submitted an appeal against the delisting, prompting Bursa Malaysia to defer the delisting pending a decision on the appeal.

The loss-making steel manufacturer, which slipped into the Practice Note 17 status in November 2013, had been on the Main Market of the stock exchange for almost nine years.

Upon its delisting, the company will continue to exist but as an unlisted entity, Perwaja said.

“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 Securities.”