GEORGE TOWN (Sept 3): Metal Reclamation Bhd (MRB) will be suspended from trading effective next Friday (Sept 11), as the company has failed to submit its regularisation plan on time for Bursa Malaysia’s approval.
The company’s securities would be delisted on Sept 14, unless an appeal against the delisting is submitted to the stock exchange on or before Sept 10 (appeal timeframe), MBR said in a filing with Bursa Malaysia today.
MBR noted Bursa would not consider any appeal submitted after the timeframe.
“In the event MBR submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of MBR from the official list of Bursa Securities on Sept 14 shall be deferred pending the decision on the appeal,” it said.
According to Bursa on June 1, MRB which is involved in smelting, recycling, refining and sale of lead and lead alloys, was among 21 companies that had fallen under Practice Note 17.
MRB said its securities deposited in Bursa Malaysia Depository Sdn Bhd (BMD) would remain there, notwithstanding the delisting of the securities.
It added it was not mandatory for the delisted company’s securities to be withdrawn from BMD.
“Alternatively, shareholders of MBR who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (CDS) accounts maintained with BMD at any time after the securities of MBR have been de-listed from the official list,” it said.
MBR said upon its delisting, the company will continue to exist, but as an unlisted entity.
MBR (fundamental: 0; valuation: 0.3) was last traded at 50 sen, with a market capitalisation of RM23.88 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.)