KUALA LUMPUR (March 8): Amtek Holdings Bhd may be delisted from Bursa Malaysia by the end of the month, after the regulator rejected the group’s application for more time to submit its regularisation plan.

Trading in the Practice Note 17 (PN17) company’s shares will be suspended on March 18, and subsequently delisted on March 29 — unless an appeal against the delisting is submitted on or before March 15 — Bursa Malaysia Securities Bhd announced in a stock exchange filing today.

Amtek triggered the PN17 status in January last year, after its shareholders’ equity on a consolidated basis fell to below RM40 million and was not more than 25% of its issued and paid up capital then. In the same month, the group also sold off its entire Crocodile Brand inventory. 
 
After that, it had been given twelve months to submit its regularisation plan. Under the regulations, shareholders’ equity of a listed entity must be above 25% of the issued and paid-up capital of the issuer, and equal to RM40 million or more.

Shares of Amtek rose 9.5 sen or 34.55% today to close at a one-year high of 37 sen, leaving the group with a market capitalisation of RM18.5 million.