Daya Materials given more time until Aug 27 to submit its regulatory plan

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KUALA LUMPUR (March 8): Practice Note 17 (PN17) company Daya Materials Bhd has been granted an extension by Bursa Malaysia up till Aug 27 to submit a regularisation plan to the authorities.

However, Daya Materials said the extension is without prejudice to Bursa’s right to proceed to suspend the trading of the listed securities and to de-list the company.

The regulator could exercise the right in the event that Daya Materials fails to submit a regularisation plan within the deadline, or/and to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan.

If it was not able to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities will also put it at the risk of being de-listed.

“Upon occurrence of any of the events set out above, Bursa Securities shall suspend the trading of the listed securities of Daya Materials on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the company, subject to the company’s right to appeal against the delisting,” said the filing.

The company was admitted into the PN17 category in Feb 2018,  after its shareholder equity shrank to below 25% of its issued capital as at Dec 31, 2017.

Shares of Daya Materials closed unchanged at 0.5 sen, valuing the company at RM10.22 million. The company saw 2.92 million shares traded.