KUALA LUMPUR: Trading in the shares in Lion Corp Bhd will be suspended on Oct 10 after Bursa Malaysia rejected the steel maker’s application for a further extension of time to submit its regularisation plan.

And the counter will be delisted on Oct 12 unless an appeal is submitted to Bursa by Oct 7, Lion Corp said in a filing yesterday.

On Sept 1, the company sought an extension of four months up to Nov 30 to submit its regularisation plan. Bursa had earlier granted it up to July 31 to submit the plan.

If it is delisted, Lion Corp said, 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 added.

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

Lion Corp, which has been in Practice Note 17 status since October 2013, has been in the red since 2009.

The company announced in October last year that it was in the midst of securing potential investors for its subsidiary, as part of its regularisation plan.

It said its 79%-owned subsidiary, Megasteel Sdn Bhd, would be included in the plan, adding that the group will continue to seek potential investors to invest in Megasteel.