KUALA LUMPUR (April 11): Scomi Group Bhd said trading in its shares will be suspended with effect from April 20, following Bursa Securities’ rejection of its request for a further extension of time to submit its regularisation plan.

The group added that it faces the risk of being delisted from the Main Market of Bursa Malaysia on April 22, unless it files an appeal against the delisting by April 18.

“Any appeal submitted after the appeal timeframe will not be considered by Bursa,” Scomi said in a filing.

Scomi said if it submits an appeal within the appeal timeframe, the delisting will be deferred pending a decision on the appeal.

“However, Bursa shall proceed to suspend the trading of the company’s securities on April 20, even though the decision on the company’s appeal is still pending,” it added.

Scomi fell into PN17 status in Dec 2019, after its shareholders’ equity spread was less than 25% of its issued share capital, and its equity dropped below RM40 million based on its financial results for the quarter ended June 30, 2019.

Meanwhile, in a separate filing, Scomi said it intends to submit an appeal against the delisting within the appeal timeframe.

Shares in Scomi ended unchanged at 2.5 sen on Monday (April 11), giving it a market capitalisation of RM22.79 million.