Biosis to appeal against Bursa's decision

-A +A

KUALA LUMPUR (June 5): Biosis Group Bhd may appeal against Bursa Malaysia's decision to reject the Practice Note 17 company's regularisation plan.

In an announcement to Bursa Malaysia, pharmaceutical product manufacturer Biosis (fundamental: 0; valuation: 0) said it was still deliberating on its next move. The move includes communicating to the bourse regulator full details on the company's management, board and financials.

"The board is still deliberating on the next course of action to be taken, including appealing against the said decision of Bursa and the communication of the above to Bursa Securities, and will make the necessary announcement in due course," it added.

Last Wednesday, Biosis said Bursa Malaysia’s decision to reject its regularisation plan had not considered certain aspects in the company's revamp scheme.

Biosis said Bursa Malaysia had not considered the additional key management personnel besides appointments and redesignation of directors within the company, besides the company's operating profit.

Biosis said it reported operating profit in the quarter ended March 31, 2015 and for the full year.

Today, the company, however, clarified that it did not communicate the "full details" of the company's management, board and financials to Bursa prior to the bourse regulator's decision last Tuesday (June 2).

Following the rejection of Biosis' regularisation plan, Bursa will suspend the trading of Biosis shares beginning this Wednesday (June 10). This will be followed by Biosis' delisting unless an appeal against the rejection of the regularisation plan and delisting is submitted to Bursa by this July 2.

At 10.53am today, Biosis shares were traded at five sen, up 0.5 sen or 11% with some 141,000 shares transacted.

At that price, the company has a market capitalisation of RM5.3 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)