This article first appeared in The Edge Financial Daily on May 17, 2019

KUALA LUMPUR: YFG Bhd is to be delisted on May 23 after Bursa Securities maintained its decision to reject the Practice Note company’s regularisation plan.

The regulator informed the engineering and construction company yesterday that its listing committee had considered all facts and circumstances of the matter including the company’s written and oral representations.

“The 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.

Once it is delisted, the group said it will continue to exist as an unlisted entity.

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”.