Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (May 16): Practice Note 17 (PN17) company Nakamichi Corp Bhd has been granted an extension of time up to Aug 30, from the earlier stipulated date of April 29, by Bursa Malaysia to submit its regularisation plan.

In a filing to the exchange today, Nakamichi said Bursa will have the right to suspend the trading of the company's securities and to de-list the company if it fails to submit its regularisation plan by Aug 30, as well as fail to obtain the necessary approvals for the implementation of the plan and implement the plan.

Nakamichi fell into PN17 status in April last year after its creditors wound up the company's last operating subsidiary, Tamabina Sdn Bhd.

The timber company had announced last month that it has inked a memorandum of understanding (MoU) with Aktau Transit LLP on a proposed collaboration to jointly develop AT oilfields in Aktau, Kazakhstan.

Nakamichi said then that the MoU was part of its regularisation plan.

The company did not see any trading of its shares today. It closed at seven sen last Friday (May 13), for a market capitalisation of RM3.88 million.

 

      Print
      Text Size
      Share