Friday 29 Mar 2024
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KUALA LUMPUR (Dec 1): Versatile Creative Bhd risks being suspended from trading should it fail to rectify its public shareholding spread, which stood at 9.82% as at Nov 27.

This is less than 10% of its total issued and paid up capital of 110.64 million and contravenes Bursa Malaysia's minimum listing requirement, which states that a company must have at least a 25% public shareholding spread.

In a statement to the exchange today, the group noted that should it fail to rectify the shortfall, Bursa would, according to the provision in paragraph 16.02(2) of the Bursa Malaysia Securities Bhd, suspend it from trading immediately upon the expiry of 30 market days from Nov 28, the date of the immediate announcement of the listed issuer.

The suspension will be effective on Jan 13, 2015, being the market day immediately following the expiry of 30 days from Nov 28, 2014, it said.

"Once the suspension is effected, it will only be uplifted by Bursa upon full compliance with the required public shareholding spread or as may be determined by Bursa," it added.

Versatile Creative said it plans to address the non-compliance on its public shareholding spread by way of disposal of shares by major shareholders.

In an earlier announcement on Friday (Nov 28), it said Bursa had granted them a six months extension until Dec 4 (Thursday) to comply with the public shareholding spread requirement.

"We are considering various options to address the shortfall in the public spread which may include, inter-alia, a disposal of shares by the major shareholders, private placement of new shares," it had said then.

Shares of Versatile Creative closed 6.5 sen higher at 94.5 sen today, with some 121,600 units changing hands, giving it a market capitalisation of RM104.56 million.

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