KUALA LUMPUR: Scan Associates Bhd, which last December clinched a five-month extension to submit its regularisation plan after the board made a U-turn and decided to appeal against a delisting, has lost its appeal for further extension.
Hence the company’s securities would be removed from Bursa Malaysia Securities’ official list on Friday, April 28, the ICT security solutions firm announced to the exchange.
The Guidance Note 3 company had been at risk of being delisted last year, but the majority of board members initially decided not to appeal against it. However, the board made an about-turn in September last year and submitted an appeal.
Bursa Securities, in a letter dated Dec 28 last year, gave Scan an extension of time until May 31 this year to submit a regularisation plan to the relevant authorities for approval, provided that the company made the requisite announcement by March 31.
On March 30, Scan announced that it had signed a memorandum of agreement with the shareholders of Ascendsys Holdings Sdn Bhd to discuss and develop a corporate restructuring plan to implement their business alliance. Under the proposal, Scan’s listing status would be transferred to another company,
Scan also applied to Bursa Securities for a further extension of time of up to July 31 to submit its regularisation plan.
On Tuesday, Bursa Securities dismissed Scan’s appeal to defer the deadline again.
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