KUALA LUMPUR (May 16): YFG Bhd is to be delisted on May 23, after Bursa Securities maintained its decision to reject the PN17 company’s regularisation plan.
Bursa, in a letter today, informed the engineering and construction company that its listing committee had considered all facts and circumstances of the matter, including the company’s written and oral representations.
“The Listing Committee has decided that the matters raised by YFG did not constitute any reason to depart from Bursa Securities’ earlier decision to reject the company’s proposed regularisation plan.
“Accordingly, the committee dismissed the company’s appeal against the rejection by Bursa Securities of the company’s proposed regularisation plan,” YFG said in a filing today.
Once the group is delisted, it will continue to exist as an unlisted entity, and will continue with its normal business and corporate restructuring.
In January, two of the group’s directors resigned as part of a cost reduction exercise. They were independent and non-executive director Tan Boon Chai @ Lee Boon Chuan, and non-independent and non-executive director Teh Yee Joo.
On May 9, the group’s alternate director Lim Yoke Cheng, 51, also resigned, citing “other commitments”.
For its first quarter ended Dec 31, 2018 (1QFY19), YFG’s net loss narrowed to RM3.09 million, from the RM3.74 million a year earlier. Quarterly revenue decreased to RM1.24 million, from RM2.16 million.