KUALA LUMPUR: Nakamichi Corporation Bhd had been given more time until March 31, 2017 to submit its regularisation plan to the relevant regulatory authorities.
The timber company said on Tuesday that Bursa Malaysia Securities had decided to give the company more time but the latter also cautioned that it still had the right to suspend and delist the securities.
Nakamichi said the extension of time was without prejudice to Bursa Securities' right to proceed to take the action if it fails to submit a regularisation plan to the regulatory authorities on or before March 31, 2017.
Other conditions were if Nakamichi failed to obtain the approval from any of the regulatory authorities to carry out its regularisation plan; or it the plan was not implemented within the time frame.
Nakamichi has proposed to venture into the upstream oil and gas (O&G) industry as part of its regularisation plan to exit its Practice Note 17 (PN17) status.
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