KUALA LUMPUR: Tricubes Bhd will be delisted on Monday after Bursa Malaysia disallowed the IT outfit’s appeal against the rejection of the company’s proposed regularisation plan.
“Upon delisting, the company will continue to exist but as an unlisted entity.
The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.
However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” the company said in an announcement to Bursa yesterday.
On July 4, the company submitted an appeal against Bursa’s decision to reject its proposed regularisation plan.
At the core of the company’s regularisation plan is the lifeline for the ailing entity, the 1Malaysia email project.
When the project was first announced in April last year, the IT company’s share price surged to a record intra-day high of 45 sen.
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| Khairun is Tricubes' largest shareholder with a total of 30.05% equity interest. |
However, the RM50 million project, to be invested in over a period of 10 years, led to a backlash from the general public who questioned the need for government bodies to pay for sending emails to the designated email account.
The “myemail” programme was designed for government-linked agencies to communicate with the public through a digital channel.
Under the programme, citizens above the age of 18 years could sign up for the myemail account without charge. Government bodies utilising the service would be charged 50 sen for every email sent to the designated account.
According to reports, the email project was expected to contribute RM39 million to the gross national income by 2015.
The IT outfit has been loss-making since the financial year ended March 31, 2010 (FY10). For FY12, its net loss increased to RM2.15 million compared to a net loss of RM712,290 a year ago.
For its latest quarter ended June 30, Tricubes reported a net loss of RM1.3 million, marginally higher than the net loss of RM1.2 million suffered for the corresponding period a year ago even though revenue rose 27.7% to RM1.45 million from RM1.14 million.
Tricubes’ last traded price before its suspension on July 11 was three sen.
The company’s single largest shareholder is its CEO, Khairun Zainal Mokhtar, who holds a total of 30.05% equity interest in the company.
This article is appeared in The Edge Financial Daily 27 September, 2012.