KUALA LUMPUR — Aug. 20, 2019: Trading in Utusan Melayu (Malaysia) Berhad shares will be suspended from August 28 and the company de-listed two days later.
In a filing with Bursa Malaysia today, the oldest surviving Malay-language newspaper publisher said it has failed to regularise its condition based on the Main Market listing requirements for failure to submit its regularisation plan to the Securities Commission or Bursa Securities for approval.
The company’s securities will be de-listed unless an appeal against the de-listing is submitted on or before Aug. 27, it said.
The group publishes Utusan Malaysia, Mingguan Malaysia, Kosmo and Kosmo Ahad.
“Utusan 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 traded on Bursa Securities,” it said.
The company went into the Practice Note 17 category a year ago when it defaulted on its obligations to Bank Muamalat Malaysia and Maybank Islamic totalling RM1.18 million.
At today’s close, the media company’s shares declined 36.36 per cent to 7 sen with 1.37 million shares traded, valuing the company at barely RM8 million.
It’s highest price was RM7.66 on March 31, 2000, but the company took a downturn and slipped into the red from 2012. As at last June 30, Utusan’s accumulated losses were at RM261.61 million.
The group has also not been able to find a potential investor to participate to revive it mainly due to its huge liabilities. — Bernama