KUALA LUMPUR — Aug. 29, 2019: Utusan Melayu (Malaysia) Berhad confirmed today that it will not appeal against the de-listing of its securities from the local bourse and thus will be de-listed from tomorrow.
The announcement came after the company missed the August 27 deadline given by Bursa Malaysia Securities Berhad for the publisher of the country’s oldest Malay daily to appeal.
“The board of directors of Utusan wishes to announce that the company has not made an appeal against the de-listing of Utusan’s securities and pursuant thereto, the securities will be delisted on August 30,” it said in a regulatory filing.
Trading of its shares was suspended yesterday, with the last traded price of 5.5 sen. Utusan was listed on the KLSE in 1994.
Utusan Melayu, in the red since 2012, triggered the Practice Note 17 (PN17) criterion in August last year after defaulting on its dues to Bank Muamalat and Maybank Islamic totalling RM1.18 million.
Its board said the group would not be able to meet Bursa’s requirements to uplift the PN17 status after taking into consideration the losses incurred in the first half of this year and constraints on its cashflow.
The group has also not been able to find any potential investor to revive the group, mainly due to its huge liabilities. — Bernama