Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Bursa Malaysia Securities’ approval for Versatile Creative Bhd
’s proposed private placement to raise up to RM7.86mil has lapsed as the company failed to provide enough information to the regulator.
In a filing with Bursa Malaysia, the packaging product maker and colour separation company said Bursa Securities, through a letter dated March 13, informed that it (the regulator) was unable to process the application for a six-month extension from April 18, 2016, to Oct 17, 2016, due to inadequate information provided.
Therefore, Bursa Securities’ approval for the implementation of the private placement had lapsed on April 18, 2016.
MIDF Investment had, on behalf of the board, submitted an application to Bursa Securities on April 1 last year for the extension of time.
Versatile had announced the proposed placement of 10% of its paid-up share capital to third-party investor(s) in February 2015 and it then targeted to complete the placement by the second quarter of 2015.
The placement’s proceeds were mostly intended for the loss-making group’s working capital requirements, including payment to creditors and operating expenditure such as purchase of raw materials, distribution and administrative expenses as well as finance costs.
The group incurred a loss before taxation of RM2mil in the financial year ended March 31, 2016 (FY16), an improvement from a loss of RM15.88mil in the year before.
For the first nine months of FY17, Versatile recorded a loss before tax of RM1.3mil.
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