KUALA LUMPUR: Bursa Malaysia will suspend the trading of Biosis Group Bhd shares from June 10, after it rejected the latter’s proposed regularisation plan.

In a filing with Bursa Malaysia yesterday, the stock exchange also said it will delist the securities of the personal care and pharmaceutical products manufacturer on July 7, unless an appeal against the rejection of the regularisation plan and delisting is submitted by July 2.

However, if Biosis submits an appeal within the stipulated time frame, the delisting of Biosis securities shall be deferred, it added.

In the event Biosis is delisted, the company may continue to exist, but as an unlisted entity.

“Biosis 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,” said Bursa.

Biosis slipped into PN17 status after auditors highlighted the firm’s going concern, following the release of its unaudited accounts ended March 31, 2013. It was last traded on May 15 at 11 sen, with a market capitalisation of RM11.55 million.

This article first appeared in The Edge Financial Daily, on June 3, 2015.