KUALA LUMPUR (June 3): Biosis Group Bhd said Bursa Malaysia’s decision to reject its regularisation plan had not considered certain aspects of the company's revamp scheme.
Pharmaceutical product manufacturer Biosis (fundamental: 0; valuation: 0) is a Practice Note 17 entity.
In a filing with the bourse today, Biosis said Bursa Malaysia had not considered the additional key management personnel besides appointments and redesignation of directors within the company, and besides the company's operating profit.
"The new regime is refining and supplementing the proposed regularisation plan, in order to accelerate the turnaround efforts to better address the concerns of Bursa Securities," Biosis said.
Biosis also contended Bursa Malaysia had overlooked the company's operating profit. Biosis said it reported operating profit in the quarter ended March 31, 2015 and for the full year.
Biosis said "the losses and/or lack of apparent profitability for the period up to 31 March 2015, are mainly due to impairments and provisions made, and accrued interest that would be reversed upon completion of the implementation of the proposed regularisation plan."
Looking ahead, Biosis said it would deliberate on Bursa Malaysia's decision and make relevant announcements on the matter.
Yesterday (June 2), Biosis said Bursa Malaysia rejected the company's regularisation plan. It said the bourse regulator would suspend Biosis' share trade starting next Wednesday (June 10) and proceed with the delisting of the firm on July 7, unless an appeal against the decision is submitted by July 2.
At 3:28pm, Biosis shares fell nine sen or 82% to two sen, giving it a market capitalisation of RM2.1 million.
The stock saw 740,000 shares done.
(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.)