Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on June 27, 2019

KUALA LUMPUR: Berjaya Media Bhd (BMedia) has been granted an extension of time, up to Dec 20 this year, to submit a plan to regularise its financial conditions.

In a filing with the stock exchange yesterday, the firm said Bursa Malaysia Securities Bhd granted the extension on Tuesday.

It said the extension is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of BMedia and to delist the company in the event it fails to submit the plan and obtain the necessary regulatory approval by Dec 20.

BMedia, which publishes theSun newspaper, slipped into Practice Note 17 (PN17) status in June last year, after its shareholders’ equity on a consolidated basis fell to less than RM40 million, representing 25% or less of its issued capital.

In announcing its financial results last week, BMedia said its board of directors had been exploring other options including diversifying into new businesses outside the media sector, to regularise its PN17 condition.

At the time, BMedia also warned that its business for the next financial year will remain challenging as the advertising industry shifts its preference to the digital platform, which it said will impact the print media industry.

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