KUALA LUMPUR (June 3): MSCM Holdings Bhd (formerly known as PanPages Bhd) said the commencement of its supply chain management business will be delayed as the group seeks an extension for its rights issues, which will be used to fund the venture.

The company said it has submitted an application to Bursa Securities, seeking an extension of time until Oct 9, 2019 to complete the implementation of the rights issue with warrants and the rights issue of irredeemable convertible preference shares (ICPS), but did not provide the reason why. 

With the postponement of the rights issues, the company said the timeline of implementation of the supply chain management business will be delayed accordingly.

“Furthermore, certain identified key personnel will only be appointed after the completion of the right issues to initiate the implementation of the supply chain management business.

“Thus, the company foresees that it will only be able to commence its supply chain management business in the first half of 2020, after taking into consideration the above-said new development,” MSCM  said in a bourse filing.

The company had in November last year, proposed the fundraising exercise, which is expected to raise proceeds of between RM15 million to RM53.25 million.

MSCM was not traded today. The stock closed unchanged at 22 sen on Friday (May 31), giving it a market capitalisation of RM58.41 million.