In a filing with Bursa Malaysia yesterday M and A Securities Sdn Bhd, on behalf of Nakamichi, said the exchange had given the company a timeframe until Nov 22 to submit an appeal against the delisting and that trading in the securities of the company would be suspended effective Nov 23.
KUALA LUMPUR: Notion VTec fell three sen or 5.5% to 51.5 sen in the first half hour of trading on Wednesday amid reports that its full-year earnings missed expectations.
Kenanga Research said full FY17 core net profit came to RM11.8mil, or 69% of the research house's estimate.
The research house downgraded the stock to underperform with a lowered target price of 44 sen.
In an update to the fire incident in its Klang plant on Oct 20,Notion VTec said it is still in the process of ascertaining losses and claims.
In its filing with Bursa Malaysia on Tuesday, the group said it has put in an initial claim to the insurers to aid in the recovery process has it has ordered more than 290 CNCs worth about RM75mil and also buying a 60,000 sf built up ready to move in factory in Ayutthaya, Thailand, for about RM10mil.
It also said it has rented another two factories in Klang to provide additional space for recovery as well as production space.
Notion VTec's share price has fallen 44.5 or about 46% since the incident in October.
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